Australia: Buddy Platform (ASX:BUD) Up 10% On Smart Cities Deal

Buddy Platform Australia

Buddy Platform Limited (ASX:BUD), one of the world’s first data aggregation and management platforms providers for the IoT and connected devices, is up 10.34% at the Australian Securities Exchange (ASX) after it signed a USD2m Smart Cities deal.

Here is the news about the deal:

Buddy Platform Limited (ASX:BUD) today announced that the Company has executed a new contractual statement of work with Thor Industries, Inc. totalling up to A$2.1 million over 18 months, the bulk of which will be recognized in calendar year 2017.

The project, which builds upon the existing customer relationship between Buddy and the customer, deploys Buddy-powered smart city and connected residential technologies.

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This innovative solution will unlock many new user experiences for the customer by leveraging Buddy’s monitoring technologies, the flexibility of the core Buddy Platform, and Parse on Buddy.

“We’re thrilled to be opening the quarter with such a significant customer project so deeply aligned with our focus on connected infrastructure technology,” said David McLauchlan, CEO of Buddy Platform.

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“This customer has been a pleasure to work with, and we’re looking forward to helping them recognize measureable value from the deployment of Internet of Things technologies in their organization.”

This new statement of work provides for A$1.8 million of contracted commitments starting immediately, and running through the end of May 2018. The customer has flagged an interest in optionally purchasing an additional component valued at nearly A$350k prior to December 2017, and a further annual & ongoing platform and application services component of more than A$250k will apply from June 2018 if the customer wishes to continue with the provision of services by Buddy. Devices or hardware components required by the customer will be incremental to these figures.

This statement of work announced today brings the total contracted value with this customer to A$2.25 million.

Due to customer confidentiality obligations, the Company is unable to share further specifics on this engagement, but can share that this project is a vertically integrated one, and highlights the importance of the Company’s strategy to offer a full solution, not only a technology component. –