Condat Awarded $2m in Contract Extensions
Sydney, Feb 9, 2017 AEST (ABN Newswire) - Leading big data solutions company Invigor Group Limited (
ASX:IVO) ("Invigor") is pleased to confirm that the Company's wholly-owned Berlin-based software solutions business, Condat AG (Condat), has been awarded AUD$2 million worth of contract extensions with four major customers - ZDF, RBB, GVL and Ericsson.
- All of the $2m of revenue from contract extensions expected to be booked in FY2017
- Highlights Condat's recurring revenue, excellent client retention and high customer satisfaction rates
- Condat's FY2017 order book of $9 million now over 75% filled
- Condat's order pipeline growing with new contract opportunities in Germany and other European markets
- Ramps up international marketing with showcasing of Smart Media Engine (CSME) at US National Association of Broadcasters (NAB) conference in April
Revenue for these contracts is expected to be booked progressively through FY 2017 and contributes to Condat's $9 million FY2017 order book which is now over 75% filled. The contract extensions include:
- An agreement with the largest German Television broadcasting company ZDF on a new phase of integrating additional channels to their Video on Demand (VOD) platform.
- Integration of Condat's Smart Media Engine with Ericsson UK's Video division.
- A contract with German public broadcaster Rundfunk Berlin-Brandenburg (RBB) on further support and maintenance for Content Management Platform.
- A contract with collective management rights group GVL for further services associated with Condat's Smart Media Engine.
The award of these extensions reinforce Condat's strong recurring revenue through its customer retention rates, and the appeal of the business' software to leading blue chip organisations. Condat is now actively strengthening its market presence and expansion outside of Germany and will showcase CSME at the US National Association of Broadcasters (NAB) in April this year, a convention that attracts a global audience. http://www.nabshow.com
Invigor's Chairman and CEO Mr Gary Cohen said: "These contracts help underpin Condat's FY2017 order book, and strengthen Invigor's growing base of stable, predictable and recurring revenue streams. Retention rates are highly encouraging and validate the effectiveness of Condat's technology.
We are very encouraged by Condat's growing order pipeline, with new contracts being pursued in Germany and other markets in Europe. The showcasing of the proprietary Smart Media Engine at NAB also provides an excellent forum to promote the broad appeal of CSME and raise awareness among a wider broadcaster audience.
The fact that Condat already works with leading European broadcasters ZDF and RBB and media giant Ericsson provides excellent reference points when marketing CSME globally at NAB. We expect this event will deliver much greater market visibility for Condat and translate into more recurring revenue-generating contracts."
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
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