InFocus Group Holdings Partners with GBO Assets for $2.5 Million Gaming Project
IFG (IFG) Share Update November 2024 Wednesday 20th
InFocus Group Secures Major $2.5 Million Contract with GBO Assets
InFocus Group Holdings Limited (ASX: IFG) has announced a significant new contract with GBO Assets Ltd, marking a major step into the digital gaming industry.
Instant Summary:
- InFocus to develop a digital social gaming product for GBO Assets.
- Contract valued at USD 2.5 million over 24 months.
- Expected revenue of AUD 1.1 million in the first three months.
- Project to be delivered in three phases: Scoping, Development, and Implementation.
- Potential for a long-term maintenance contract post-completion.
Project Overview
InFocus Group Holdings Limited has entered into a multi-phase service agreement with GBO Assets Ltd to develop a new digital and social gaming platform named VigoBet Tech. This contract, valued at USD 2.5 million, is the largest single contract for InFocus to date. The project will unfold over the next 24 months, with each phase contingent on the successful completion of performance-related benchmarks.
Phase Details
The project will be delivered in three phases. Phase 1 focuses on scoping and planning, including requirements gathering and UX/UI design, expected to generate USD 750,000 in revenue. Phase 2 involves the development and build of the platform, integrating fintech and AI-driven analytics, with an anticipated revenue of USD 1,000,000. Phase 3 centers on implementation, ensuring seamless integration and functionality, with expected revenues of USD 750,000.
Strategic Vision
The project aligns with InFocus' strategic vision to expand into new markets while leveraging its core competencies in data analytics and software engineering. The company's business units, including Trienpont, InFocus Analytics, and the soon-to-be-acquired Prodigy9, will collaborate to deliver this project.
This contract represents a significant opportunity for InFocus to demonstrate its capabilities in a new industry, potentially boosting its reputation and opening doors to further contracts in the gaming sector. The expected revenue from this project could positively impact InFocus' financial performance and investor sentiment.
Investor Reaction:
Analysts are likely to view this contract as a positive development for InFocus, reflecting its ability to secure substantial projects and diversify its service offerings. The potential for a long-term maintenance contract adds further value to this engagement.
Conclusion:
Investors should keep an eye on InFocus' progress with this project, as successful execution could lead to further opportunities in the gaming industry. The company's strategic expansion into new markets is a promising sign for its future growth.