Shareholders in GetSwift Ltd (ASX: GSW) will be getting used to a morning routine of positive market updates after the tech startup served up Toast as its latest prominent U.S. client.
Toastab.com is reportedly a large U.S. hospitality business present across 50 states and GetSwift estimates that its technology could be used in 5 million deliveries per year under just the Toast agreement.
Yesterday, GetSwift boasted that its “partnership” with the Commonwealth Bank of Australia (ASX: CBA) was developing nicely and “the company expects to see revenues from the market utilisation to start manifesting in mid-2018”. Presumably “to start manifesting” means to be received, although this is not the only example of airy language in its market update over the CBA partnership.
Both the Toastab.com and CBA deals will reportedly see GetSwift’s software delivery technology operating on the Point of Sale (POS) platforms used by clients of the CBA and Toast.
GetSwift has an impressive partner list including CBA, Amazon, Yum Brands! and Just Eat Plc according to the company, with all the excitement equalling a market cap around $590 million based on 166.5 million shares on issue at a price of $3.53.
The company will need to deliver on its claims with some robust revenue growth to justify this valuation.
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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 Bruce Jackson.