The 8common Ltd (ASX: 8CO) share price is up this morning on the news that the Department of the Prime Minister and Cabinet (PMC) has extended a key contract for an additional year.
8common shares have pushed 3% higher to 16 cents at the time of writing.
About 8common
8common’s core product ‘expense8’ delivers travel and expense management (TEM), card application and management to large Australian enterprises including Woolworths Ltd (ASX: WOW), Broadcast Australia, Amcor Plc (ASX: AMC) and state and federal government agencies.
Perform8 offers a suite of innovative online surveying solutions that are designed to assist business leaders at all levels to drive action and improvement in their teams. Perform8 is currently being used in 7 countries, globally.
Payhero enables one-time and subscription customer billing to be managed in one place, helping business owners easily generate new revenue streams, spend less time chasing outstanding accounts and get paid faster with payment automation.
Contract extension
The PMC contract extension represents the second one-year extension after a successful initial 3-year period and first one-year option period.
This extension includes new implementations for the National Drought and North Queensland Flood Response and Recovery Agency and the National Indigenous Australians Agency, which are serviced by PMC.
The contract is worth an estimated $236,000 in revenue, which brings 8common’s total FY21 contract wins to date to $1.1 million.
8common CEO Andrew Bond commented:
The extension, along with the addition of six new Federal Government entities announced in August 2020 highlight the continued growth opportunities within the Federal government. We continue to see a strong pipeline of growth during the FY21 from our core Expense8 and the roll out of our CardHero product.
How has the 8common share price performed recently?
The 8common share price has more than doubled in recent months following a strong FY20 result, a 3-year agreement with EML Payments Ltd (ASX: EML) to issue prepaid Mastercards through its platform, and $2.25 million capital raising to fund its growth.
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Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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