The Identitii Ltd (ASX: ID8) share price is rocketing to uncharted territory for 2021. This comes after the financial technology company announced that it had signed a contract with Standard Chartered Australia.
At the time of writing, Identitii shares are swapping hands for 28.5 cents apiece, up 18.75%. It's worth noting its shares reached as high as 32 cents in early morning trade, a new 52-week high — and a gain of 33% from market open.
Let's take a look at what the company updated the ASX with before market open.
Identitii adds new contract
In news driving the Identitii share price, the company advised it has secured a Master Technology Agreement (MTA) and a 3-year licence agreement with Standard Chartered Australia.
Under the terms of the deal, Standard Chartered Australia will licence Identitii's new software-as- a-service (SaaS) platform in Australia. However, there is scope to further extend this service to international markets.
Identitii highlighted that Standard Chartered Australia is the second global correspondent bank to sign a master technology (services) agreement. In addition, it's the fourth global brand to sign a multi-year contract.
Identitii stated that activity and revenue are laid out in order forms (statements of work). However, the first initial job is worth $0.3 million.
Either party is able to terminate the contract for any reason, but must provide at least 90 days' notice.
It's no surprise to see the Identitii share price higher today as the company has had a busy 2021. Identitii filed patent applications for its intellectual property (IP) in the United States, and launched its new SaaS platform.
About the Identitii share price
Founded in 2014, Identitii is an Australian-based company that specialises in designing and developing financial software. The group serves in helping financial institutions eliminating anti-money laundering (AML) and counter terrorist financing (CTF) compliance risk.
Over the past 12 months, the Identitii share price has gained around 20%, and year to date has advanced by approximately 80%.
Based on today's price, Identitii commands a market capitalisation of roughly $44.10 million, with about 152 million shares on issue.
