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- A landmark defence contract has archTIS (AR9) trading almost 17 per cent higher today
- The technology stock came out of a trading halt this afternoon after the Australian Department of Defence picked archTIS for a $4.2 million deal
- Under the contract, archTIS will lead risk reduction activity and provide three licences for its Kojensi platform, a digital database for sharing classified documents
- Those licences carry a combined value of $780,000, while the rest of the contract — worth $3.44 million — will cover service costs
- The deal carries a lot of clout for archTIS; in fact, it’s one of the largest contracts the small-cap stock has ever secured
- archTIS shares are trading just shy of 50 cents each, up 16.7 per cent right before market close
A landmark defence contract has archTIS (AR9) trading almost 17 per cent higher today.
The technology stock came out of a trading halt this afternoon after the Australian Department of Defence picked archTIS for a $4.2 million deal.
Under the contract, archTIS will lead risk reduction activity and provide three licences for its Kojensi platform, a digital database for sharing classified documents.
Those licences carry a combined value of $780,000, while the rest of the contract — worth $3.44 million — will cover service costs.
Additionally, the security-centric company will work alongside the Department of Defence to develop cross-information sharing capabilities, which will remain in circulation well after the contract has run its course.
The deal carries a lot of clout for archTIS; in fact, it’s one of the largest contracts the small-cap stock has ever secured.
“I am delighted that archTIS has been selected lead this risk reduction activity,” archTIS CEO Daniel Lai said in today’s announcement.
“The need to share, control and trust information in the warfighter domain, between forces and with allies remains a critical requirement and archTIS is well-positioned to deliver on this,” he continued.
The deal gets underway from today and is set to last between nine and twelve months, unless there’s a need to extend the contract.
On the back of the news, archTIS shares are up 16.7 per cent to 49 cents per share at 4:02 pm AEST.
