Singtel Signs Two-Year Extension with Knosys for KnowledgeIQ Platform
KNO (KNO) Share Update September 2024 Wednesday 18th
Singtel Extends Contract with Knosys for Knowledge Management Solution
Knosys Limited (ASX: KNO) has announced that Singtel has signed a two-year contract extension for the continued use of their KnowledgeIQ platform, valued at $750,000.
Instant Summary:
- Singtel extends contract with Knosys for two more years.
- Contract valued at $750,000 over the two-year period.
- Singtel to upgrade to the latest release of KnowledgeIQ.
- Knosys focuses on enterprise and government opportunities.
Contract Extension Details
Knosys Limited (ASX: KNO), a leading SaaS provider, has announced that Singtel has signed a two-year contract extension for the continued use of Knosys' market-leading knowledge management platform, KnowledgeIQ. The value of the contract over the two-year period is expected to be $750,000. This extension underscores the strong relationship between Knosys and Singtel.
In addition to the contract extension, Singtel will upgrade to the latest release of KnowledgeIQ over the next 12 months. This upgrade will allow Singtel to benefit from new product features and capabilities, further enhancing their knowledge management processes.
Knosys' Business Model and Future Plans
Knosys Managing Director, John Thompson, stated, 'Over the past few years, Knosys has demonstrated that it has a robust business model in the enterprise Knowledge Management (KM) sector, particularly with customers such as Singtel. We look forward to announcing further multi-year extensions during the year as we build our knowledge management revenue backlog out until 2027.'
Thompson also mentioned that Knosys is now focusing primarily on enterprise and government opportunities for their KM solution. This strategic focus aims to expand their client base and solidify their position in the market.
About Knosys
Knosys is headquartered in Melbourne and operates internationally, providing specialist expertise in helping businesses manage information and knowledge. Their solutions enable organizations to make sense of information, connect, collaborate, and drive strong business outcomes for customers, employees, and stakeholders.
Knosys' product offerings include knowledge management, intranet, and library management solutions. Their mission is to help businesses maximize the value of their information and knowledge assets.
The contract extension with Singtel is a positive development for Knosys, reinforcing their position in the enterprise KM sector. The $750,000 contract value will contribute to Knosys' revenue stream and support their growth plans. This announcement is likely to have a favorable impact on Knosys' stock price as it demonstrates continued trust from a significant client.
Investor Reaction:
Analysts are expected to react positively to this announcement, as it highlights Knosys' ability to retain and extend contracts with major clients like Singtel. The planned upgrade to the latest release of KnowledgeIQ also indicates ongoing innovation and product development, which are key factors for long-term success.
Conclusion:
Investors should view the contract extension with Singtel as a positive indicator of Knosys' market position and growth potential. Keeping an eye on future contract announcements and upgrades will be crucial for assessing the company's trajectory. This development reaffirms Knosys' strategic focus on enterprise and government opportunities, which could lead to further growth and stability.