The Bigtincan Holdings Ltd (ASX: BTH) share price has started the week on a positive note.
In morning trade the sales enablement company's shares are up 2% to 51.5 cents following the release of a positive announcement.
This latest gain means that the fast-growing company's shares have now gained a massive 92.5% since the start of the year.
What did Bigtincan announce today?
Investors have been buying Bigtincan's shares after it announced that it has won a competitive bid for a retail deployment with a US-based global shoes, apparel, and sports equipment company.
According to the release, Bigtincan's Zunos software platform will be used to create a modern, always current, personalised & mobile learning and content environment, for use by thousands of frontline retail staff in the United States and globally. Management estimates that the 3 year deal is worth $2.8 million in total contract value.
It notes the contract is part of Bigtincan's "strategy of partnering with enterprise customers to meet their requirements for a platform that can be extended and expanded through the use of Content, Learning, Add-ons and other features, that make the Bigtincan platform unique for key vertical markets."
Bigtincan hasn't disclosed which retailer the contract is with, but it has a history of working with some of the largest companies in the world. Current customers include the likes of U.S. telco giant AT&T, biotechnology company Thermo Fisher, pharmaceutical behemoth Merck, and Australia and New Zealand Banking Group (ASX: ANZ).
It was partly thanks to contracts with these companies that Bigtincan delivered a 51% increase in revenue to $19.9 million and a 52% lift in annualised recurring revenue (ARR) to $23.4 million.
In FY 2020 the company is targeting organic growth in the range of 30% to 40% on FY 2019's result. Deals like the one announced today will certainly help the company achieve this goal.
