ComOps unveils the deal that sent its stock surging: Sydney Buses
ComOps has won a major deal with Sydney Buses, the same one they were forced to tell the market about on Monday.
The workforce management company (ASX:COM) won a five-year contract worth about $1 million for looking after the State Transit Authority (STA) of NSW workforce software.
On Monday the company responded to an ASX “speeding ticket” after its share price surged 30 per cent, saying had been named a preferred bidder in a tender with a major possible client.
The stock closed down 10 per cent on Tuesday at 1.7c after surging to a 52-week high of 1.9c on Monday.
ComOps confirmed to Stockhead that the contract was the one referred to in the ASX query response.
ComOps says about $750,000 of the contract will be earned in calendar 2018, with the remaining $250,000 booked as recurring revenue until 2022.
“ComOps’ workforce management software is now used across Transport NSW’s trains, ferries and buses operations,” it said.
“After using in-house systems, STA wanted to deploy an off-the-shelf software solution that delivered a robust award interpretation and rostering system for its workforce to ensure compliance with its complex awards and payroll system.”