One of the biggest movers on the Australian share market today has been the GetSwift Ltd (ASX: GSW) share price.
In late morning trade the exciting logistics software platform provider's shares are up 32% to $2.29.
Incredibly, this means its shares have now more than doubled in value in under a month.
Why have its shares rocketed higher?
This morning GetSwift announced that it has signed an exclusive commercial five-year agreement with N.A. Williams which has the potential to generate over 1 billion transactions per year.
N.A. Williams is the leading representative group for the North American Automotive Sector and provides merchandising services, research, training, marketing, consulting, call centre, and sales to the North American auto care and commercial vehicle industry.
Whilst the fulfilment of this vertical will take up to 19 months due to the project scope, size, and complexity of its channel partners, if it is fulfilled it will be a game-changer for the company.
Management estimates that the five-year agreement will increase its recurring revenues by more than $138 million per year once fully captured.
Considering the information technology sector currently trades on an average of 4.5x sales, this deal alone could potentially justify a market cap of $621 million.
But the N.A. Williams deal isn't the only one that could generate significant revenue in the future.
It is worth remembering that GetSwift has potentially lucrative deals with companies including Commonwealth Bank of Australia (ASX: CBA), Pizza Hut, Lion Nathan, and Takeaway.com subsidiary Vietnammm.
Should you invest?
Up until this morning I felt that GetSwift's shares were starting to look a little expensive. But in my opinion this new agreement changes everything.
In light of this, I think there could still be significant upside for GetSwift's shares over the next 12 months.
In my opinion GetSwift is up there with the likes of Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) as one of the best tech investment options on the Australian share market today.
