IODM Ltd (ASX: IOD; “IODM” or “the Company”) is pleased to announce a licence contract with a world leading services business.
The services business was established in 1984 and manages a comprehensive panel of over 4500 contractors. It has operations in Australia and overseas.
The contract is classed as an average licence contract given in the investor update in April 2018 but also comes with software development setup fee, underpinning the strong software programming services that the company currently offers. This software development fee is a one off fee at the start of the contract.
According to IODM Executive Chairman Mark Reilly, “The agreement illustrates the fact that IODM has moved well past the proof of concept stage and is now focused on ramping up sales further to broaden our footprint both here in Australia and overseas.”
“IODM has now proven that it not only greatly increases cash flow collection but introduces cost savings, efficiencies and a better customer service focus that will help streamline a company’s entire end to end solution. This contract also consolidates IODM’s ability to tailor its solutions package to the individual company’s needs while also generating further revenue through the Programming Division’s ability to further develop the software as per the specifics of the contract.”