The Urbanise.Com Ltd (ASX: UBN) share price soared in the first 30 minutes of opening trade, reaching 17% higher. Its meteoric rise came after the company announced a major new customer win.
During the day, however, the company's shares have backtracked after some profit-taking by investors. At the close of trade, the cloud-based software solutions company's shares swapped hands for 8.6 cents, up 6.17%.
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A quick take on Urbanise
Established in 2001, Urbanise leverages cloud technology and the Internet of Things (IoT) to manage infrastructure, buildings, housing estates and local government structures.
It enables building operators to streamline workflow processes as they manage properties. The various functions include community and property management, asset maintenance, mobile workforce, asset monitoring, utility reporting, and more.
Milestone win
Investors are boosting the Urbanise share price today after the company revealed a milestone customer win.
In today's release, Urbanise advised it has secured a 3-year contract with leading Dubai-based property developer, Nakheel.
The deal will see Urbanise deliver to Nakheel a fully integrated facilities management and strata solution platform.
Urbanise's end-to-end product will provide the developer with the ability to manage several properties across its extensive portfolio. This includes customers in the residential developments, hotels and resorts, malls and corporate office premises space.
Urbanise expects the contract to generate roughly $760,000 in annual recurring revenue (ARR).
Management said this would be reflected "across both the facilities management and strata divisions and will form part of the backlog until go-live".
Furthermore, the company will move both systems (facilities and strata management software) into a single integrated solution.
About the Urbanise share price
The Urbanise share price has gained more than 110% in the past 12 months and is up around 13% year-to-date. The company's shares reached a multi-year high of 12 cents in late September before stabilising thereafter.
Urbanise commands a market capitalisation of just over $70 million at the current share price, with 834.3 million shares on issue.
