The RPMGlobal Holdings Ltd (ASX: RUL) share price is roaring higher during Monday morning trade.
This comes after the mining software company announced a sales update on its software licences for the 2022 financial year.
At the time of writing, RPMGlobal shares are fetching for $1.70, up 3.98%.
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What's driving RPMGlobal shares higher?
Investors are bidding up the RPMGlobal share price following the company's upbeat release to the market.
In today's statement, RPMGlobal revealed its latest figures highlighting ongoing demand for its products and services.
Total Contracted Value (TCV) from software licence sales since the start of 2022 has broken through the $50 million barrier.
Currently, software licence sales are at $50.3 million. This also includes $1.7 million from its perpetual licence contracts.
Previously, management stated that it achieved $47.4 million in software licence sales on 14 June. The increase of $2.9 million in just two short weeks reflects the favourable trading conditions that RPMGlobal continues to experience.
In addition, Annual Recurring Revenue (ARR) from software subscriptions has increased from 14 June by $0.5 million to $31.6 million.
It's worth noting that this does not include any annually recurring maintenance and support revenue from past perpetual software licenses.
Lastly, RPMGlobal stated that there is $90 million in non-cancelable software subscription revenue that has yet to be materialised. This is expected to deliver an earnings boost for years to come.
About the RPMGlobal share price
A choppy 12 months has led the RPMGlobal share price to register a loss of 2% for the period.
However, when looking at year-to-date, its shares are down 21%.
The company's shares hit a 52-week low of $1.415 last month before rebounding higher.
Nonetheless, it's still some way off its all-time high of $2.27 reached at the end of 2021.
Based on today's price, RPMGlobal presides a market capitalisation of roughly $395.40 million.
