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Bigtincan share price lifts on $2.8 million contract win

The Bigtincan Holdings Ltd (ASX: BTH) share price has soared 4.44% in early trade this morning after landing a new $2.8 million contract for a Paris-based beauty chain.

Why is the Bigtincan share price on the move?

The Bigtincan share price could trade heavily this morning after announcing the deal with Sephora USA Inc. Sephora is a subsidiary of the world’s leading luxury goods group, LVMH.

The group won the $2.8 million contract in a competitive bid for retail deployment in Sephora’s personal care and beauty stores.

Bigtincan’s Zunos software platform will be used to create a modern mobile learning and content environment for Sephora retail staff in the USA and globally.

Sephora operates over 2,600 stores in 34 countries worldwide, with 460 of those across the Americas.

The Bigtincan share price has already rocketed in early trade and will be one to watch this morning following the contract announcement.

Today’s news is the latest win for the group as it looks to extend its enterprise customer network on the platform.

How has Bigtincan performed on the ASX?

The Bigtincan share price has been a strong performer on the ASX in 2019. The company’s shares have rocketed 151.85% higher as at Friday’s close to sit at $0.68  per share, and have continued their gains today with shares currently trading for $0.70.

That’s edging closer to the group’s 52-week high of $0.73 per share set in November. That mark could be under threat following this morning’s $2.8 million contract win as investors react to the news.

Bigtincan’s market cap has swelled to $215.85 million as its consistent expansion and strong earnings have boosted its shares. The company’s shares climbed 10% higher on the back of a strong first quarter update on 31 October.

The group reported a 56% increase in customer receipts to $5.3 million and a 25% surge in cash payments.

The group spent $4.8 million in acquiring VeeloAsdeq Labs and a final earnout payment to Fatstax.

Foolish takeaway

The Bigtincan share price is definitely one to watch throughout the day following the company’s successful bid for the Sephora contract.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and 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.

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