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Tech
Fleet management software company Connexion Telematics (ASX:CXZ) announced today that cornerstone customer General Motors (GM) is extending the supply of the company’s OnTRAC platform to all its Courtesy Transportation Program (CTP) participating dealerships.
CXZ expects subscription revenue to rise commensurate with the increase in the number of dealerships subscribed to the platform to the tune of around US$250k a month– or US$3 million ($4.3 million) annually.
“In turn, this is likely to materially increase Connexion’s total revenue,” the company said.
Connexion was trading at $0.0105 yesterday and jumped a whopping 70% this morning to $0.017.
The software player says annual recurring revenue was up 39% for 2022 at $18.2 million, with recurring revenue up 7% year-on-year at 99.6%.
Revenue increased by 44% to $8.9m, aided by 19 landed customers and 25 expanded customers over the period, but “tempered by softening in Q2 FY23 usage fees (less than 10% of overall revenue), due to macroeconomic factors, resulting in a slowdown in client advertising spend on the Google Marketing Platform,” the company said.
“XPON remains committed to maintaining organic growth whilst targeting cashflow break-even in FY24.”
The company had $7 million cash as of 31 December 2022.
Job platform seek.com.au has seen a tidy 21% revenue bump in H1 2023 to $627 million on the previous-corresponding-period (pcp), with EBITDA of $283m, up 13% vs pcp.
Revenue growth across the Asia Pacific (APAC) was 21% on the pcp, with job ad volume up 8% “reflecting the ongoing strength of the labour market.”
Of that market, Seek still corners a 31% stake in Australia, with a weighted average placement share of 23% in Asia.
The plan is for platform unification, which the company says is on track for completion by the end of FY24.
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