The RPMGlobal Holdings Ltd (ASX: RUL) share price will be on watch today after the mining software solutions company provided a trading update.
What did RPMGlobal announce?
This morning RPMGlobal provided the market with an update on its performance over the last three weeks in respect to its software subscriptions.
According to the release, the Total Contracted Value (TCV) from its software subscriptions has now surpassed $25 million.
At the time of its release, RPMGlobal's TCV had reached $25.4 million, which is up $3.9 million or 18.1% since its last update on February 20.
In addition to this, the company's Annual Recurring Revenue (ARR) from software subscriptions had lifted to $11.4 million per annum. This was a lift of $0.7 million or 6.5% over the same period.
As per previous announcements, management intends to provide future updates to the market in $5 million TCV increments. Thus, it will be next updating the market when its TCV is greater than $30 million.
In other news.
This isn't the only news that the company has released in recent days. Lost in the market meltdown was an announcement on March 6 relating to a new product launch.
The company has released TALPAC-3D. This is a new product in its suite of simulation solutions that delivers an enhanced user experience and increased functionality to its TALPAC product to help miners unlock greater potential value from their operations.
The company explained: "TALPAC-3D pairs the extensive 40+ years of history and smarts of RPM's Truck and Loader Productivity and Cost calculator – TALPAC – with a modern intuitive and consistent "gaming-inspired" 3D user interface (UI) and extra product features including fleet planner, cycle time analysis and the ability for users to import 3D terrains and roads from GPX and CAD formats."
This improved UI and new features enable its users to more efficiently import data and simulate results and make changes to their models in order to optimise haulage routes and equipment selection.
CEO Richard Matthews was excited with the release. He concluded: "RPM has been at the forefront of developing leading mining and haulage systems that are widely accepted as the industry standard, making the release of TALPAC-3D a logical and exciting new addition to RPM's Intelligent Simulation offering."
