Motley Fool Australia

Bigtincan (ASX:BTH) share price on watch after new contract win

View of hand holding pen signing new deal with glasses sitting on table next to contract papers
Image source: Getty Images

The Bigtincan Holdings Ltd (ASX: BTH) share price will be one to watch this morning after the release of a positive announcement.

What did Bigtincan announce?

This morning the AI-powered sales enablement automation platform provider revealed that it has won a new multi-year contract.

According to the release, the company has been awarded a three-year contract worth a minimum of ~$1 million with leading US based global financial services company, John Hancock.

Management believes the new contract demonstrates Bigtincan’s continued success in securing large enterprise customer deployments. It notes that John Hancock is a company that supports approximately 10 million Americans with a broad range of financial products.

The release explains that John Hancock will use Bigtincan’s financial services cloud solution to empower customer facing teams to be better prepared to engage with customers that are more educated and informed, in remote and other engagements, that are being driven by the impact of the COVID-19 pandemic.

It notes that the contract aligns with its 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.

How is Bigtincan performing?

Bigtincan was a strong performer in FY 2020 despite the pandemic and continued its impressive growth.

For the 12 months ended 30 June 2020, the company delivered revenue growth of 56% to $31 million. This was driven by organic growth of 38%, which was further boosted by the acquisition of the Veelo, Asdeq Labs, and XINN businesses.

Last month the company released its first quarter update and advised that it remains on track to meet the market guidance it provided with its FY 2020 results.

This is for annualised recurring revenue of $49 million to $53 million and revenue of $41 million to $44 million with stable retention.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

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 and recommends 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.

Related Articles…