The RPMGlobal Holdings Ltd (ASX: RUL) share price has been a very strong performer during morning trade on Wednesday.
At the time of writing the mining software solutions provider's shares have rocketed 11% higher to a 10-year high of $1.04.
This latest gain means that RPMGlobal's shares have now rallied a sizeable 85% since this time last year.
What did RPMGlobal announce?
This morning RPMGlobal, formerly known as RungePincockMinarco, provided investors with an update on the Total Contracted Value (TCV) and Annual Recurring Revenue (ARR) derived from its software subscriptions.
According to the release, the TCV of committed new software subscription revenue entered into by the company during this financial year to date is currently $17.7 million.
This is a massive 142% increase on the TCV of $7.3 million it reported with its previous update on November 19.
The company's ARR has also been growing at a very strong rate. RPMGlobal's ARR from software subscriptions now stands at $10 million per annum. This is an increase of $2 million or 25% since its previous announcement just under two months ago.
These figures are subject to an external audit review. The company intends to release its audited financial results for the first half of FY 2020 towards the back end of February.
In the meantime, outside its half year result, it will next update the market once its TCV is greater than $20 million. After which, management intends to provide updates to the market in $5 million TCV increments.
What is RPMGlobal?
RPMGlobal is a leader in the provision and development of mining software solutions, advisory services, and professional development to the mining industry.
It has been around since 1968 and has been trusted by mining companies of all sizes and commodities, such as mining giant Glencore, to support their growth.
