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.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of BIGTINCAN FPO. The Motley Fool Australia has recommended BIGTINCAN FPO. 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.