TZL continues global traction, bagging $1m worth of new deals from major clients in Australia
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The new deals in Australia validate TZ’s technology, as it expands rapidly to become the leading smart locker software provider.
Smart locker software provider, TZ Limited (ASX:TZL), is gaining traction in the Australian market, having secured over $1m from new client deals.
The company has recently won contracts with some of the biggest corporations in Australia.
Chevron Corporation has just made a purchase order for the supply of TZ electronics and software services totalling 2,800 smart lockers.
These lockers will be installed at the new Chevron Corporation’s high-rise headquarters in Perth.
That contract follows TZ’s successful tender to supply hardware and software solutions to support the 2,000 Smart Storage Lockers already installed at the global headquarters of CSL Ltd (ASX:CSL) in Melbourne.
In the data centre sector, TZ continues to take market share after being awarded a contract by major data centre company, NextDC (ASX:NXT).
NextDC’s new S3 site, which is still under development, and Macquarie Telecom’s IC3, have placed orders for the supply of TZ’s DC Cabinet electronic locking and access controls.
Sales to data centres have doubled for TZ over the last 12 months.
TZ has a solid pipeline in the US, where around 54 deployments are currently on the books.
Global expansion is high on the priority list, with TZ having already opened new offices in India, Singapore, and the UK – adding to its already established offices in the US and South Africa.
The contract wins in Australia further validate its technology, as the company pivots focus away from being a smart locker manufacturer to becoming a technology provider.
TZ’s newly hired CEO Mario Vecchio has laid out a plan that will ensure TZ capitalises on the recurring revenue opportunity presented by its software assets.
His objective is to capture a larger share of the rapidly growing global IoT devices market that’s expected to explode to US$1 trillion within 10 years.
Vecchio believes TZ’s software technology has been undervalued by previous management, and he’s now looking to unlock this potential by shifting the business from a perpetual licence, to a multi-term SaaS service agreement model where annual subscriptions could be monetised.
“It’s been a busy first 30 days but I am excited to develop new client relationships as well as to be a continued valued partner for our existing clients,” said Vecchio.
TZ is also expected to benefit from the permanent transition into ecommerce, a market that’s forecast to hit $4.2 trillion in sales as people move to buying online and having parcels sent.
Coming out of Covid, the company is set to become a globally significant player where its products are seen as the best-in-class options to support the permanently changing workplace that we’re seeing as a result of the pandemic.
“The company is certainly benefitting from changes to the workplace post-Covid,” Vecchio said.
Click here to join an upcoming investor briefing with TZ’s CEO Mario Vecchio on Wednesday 3 November at 12pm (AEDT).
This article was developed in collaboration with TZ Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.