Fintech company 8common (ASX: 8CO) continues to be well supported by Government clients with the Federal Prime Minister & Cabinet extending their expenses tracking contract another year in a deal worth $236k.
The extension will ensure the relationship enters its 5th consecutive year which originally commenced with a 3-year term and has now entered into its second one-year extension for 8common to provide travel and expense management services.
“We are very pleased to extend our relationship with the office of the Prime Minister & Cabinet for a further one-year period,” said 8common CEO, Andrew Bond.
“The extension, along with the addition of six new Federal Government entities announced in August 2020 highlight the continued growth opportunities within the Federal government. We continue to see a strong pipeline of growth during the FY21 from our core Expense8 and the roll out of our CardHero product.”
The extension brings 8common’s contract wins for FY21 beyond $1.1million.
Further developing their services, 8common is set to enhance their services having recently engaged artificial intelligence company Sypht to integrate machine learning capabilities into their expense8 platform.
Once fully integrated, 8common anticipates their platforms to be able to accurately extract data from receipts, taken as a photo or scan upload, with key financial information directly uploaded to expense8, without the need for human data entry.
Across their total scope of services, 8common manages the expenses and card services for more than 125,000 users across 140 state and federal agencies and large corporations
Through FY20, 8common reported an 8% increase in total revenues to $3.75m with a net loss of $804k, a notable improvement on their prior year’s $1.35m loss.
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