Tech: Knosys scores additional revenue from ANZ with New Zealand migration deal
Melbourne-based HR tech platform Knosys (ASX:KNO) has leveraged its existing relationship with ANZ to rollout a standalone software system for the bank’s New Zealand operations.
The deal will see ANZ New Zealand migrate its existing software to a standalone version of Knosys’ KnowledgeIQ system.
The move is compliance-driven, in order to meet New Zealand banking standards which stipulate that local banks must operate their own technology systems “independent of the operations of any foreign parent entity”.
Knosys’ KnowledgeIQ software is a cloud-based platform that allows for simple integration of back-office process and fosters increased employee collaboration.
ANZ New Zealand was already a KnowledgeIQ customer via the existing arrangement at the group level, but will now run its own autonomous version.
While the bank will establish the necessary cloud-based infrastructure to run the system, Knosys will be responsible for the “design of the infrastructure, and support on commissioning and deployment of the system”, the company said.
Knosys expects the contract will run for nine months and generate around $840,000 in revenue.
Shares in Knosys rose by more than 20 per cent in morning trade, and the stock is now closing in on 2020 highs. The company is one of many small cap tech players that have bounced from the depths of the COVID-19 crisis, with the stock now up more than 200 per cent from its March low.
Shares in ed-tech platform ReadCloud (ASX:RCL), which provides a digital e-textbook solution for schools, also rose strongly at the opening bell as markets reacted positively to the company’s June 2020 investor presentation.
The company said it continued to gain traction among Australia’s 2,700-strong network of secondary schools, with an existing customer base of 112,000 users in over 350 schools as at May 2020.
ReadCloud said it signed up seven new schools over the COVID-19 period with no face to face sales contact. Shares in the company initially rose by more than 10 per cent, before easing back in morning trade.
And there was a big move in IT minnow Stream Group (ASX:SGO) — market cap $4.8m — on the back of some positive dividend news.
The company announced it would pay shareholders a fully-franked dividend of 2c per share. That prompted a sharp tick higher in Stream Group shares, which rose to 5.5c — a morning gain of more than 150 per cent.