The Future First Technologies Ltd (ASX: FFT) share price is surging today. This comes after the company announced it has been awarded a significant contract for its Software-as-a-Service (SaaS) platform.
At the time of writing, the IT professional services provider's shares are trading at 8.5 cents, up 19.7%.
What's driving the Future First Technologies share price?
Investors are snapping up Future First Technologies shares as the company looks set to boost revenue growth.
According to its release, Future First Technologies advised its wholly-owned subsidiary, Asset Vision has signed a multi-year contract with Ventia.
A 50% owned associate of the Cimic Group Ltd (ASX: CIM), Ventia is one of the largest infrastructure service providers in Australia and New Zealand. The company specialises in the long-term operation, maintenance, and management of critical roads and private assets.
Under the agreement, Asset Vision will supply its industry-leading intelligent SaaS platform across a number of Ventia's roads. The software solution will play a vital role in keeping roads and transport assets safe and reliable for community use. It connects assets owners, maintainers, and contractors together to provide an integrated view of the transport infrastructure. In addition, the platform can also be combined with a dedicated mobile app for workforce management, allowing maintenance crews and inspectors to work safely.
Initially, Asset Vision will provide the SaaS platform across roads in Queensland, where the majority of upgrade works are occurring. The company's existing footprint expands over Victoria and New South Wales, where it also supplies its SaaS platform.
The deal will run for a period of 3 years, with an attached two-year extension if agreed by both parties. Other potential Ventia road contracts may also be included depending on the success of the contract.
Furthermore, Future First Technologies expects to generate more than $2 million in revenue from the initial part of the deal.
What did management say?
Ventia group executive of transport, Peter Borden touched on the new agreement, saying:
We have worked with Asset Vision since 2020 and have been impressed with the platform and quality of their team. Asset Vision understands our core needs and is aligned in building cost-effective and innovative outcomes for Ventia and our clients.
Future First Technologies CEO, Keith Falconer continued on to add:
To be selected by an industry leader such as Ventia is a satisfying endorsement of the strategic direction of FFT and we look forward to the future with growing confidence in our technology and people.
Future First share price snapshot
Formerly known as PS&C Ltd, the company's shares have accelerated in the past 12 months, up 180%. When looking at year-to-date performance, the Future First Technologies share price has gained around 60%.
On valuation metrics, Future First Technologies has a market capitalisation of roughly $38 million, with approximately 553.1 million shares outstanding.
