An Infographic of IODM’s Connect Platform. Source: IODM
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  • Software solution company, IODM (IOD) receives a new revenue opportunity from its existing partnership with Western Union Business Solutions
  • The new initial 12-month term contract will see the company provide its offering to a university client of WUBS in the United Kingdom
  • IODM expects the new relationship to bring in revenue of between $135,000 and $165,000 per year, factoring in COVID-19 and its effect on international student numbers
  • CEO, Mark Reilly says the partnership is part of the company’s global rollout
  • Shares have ended the day 6.3 per cent higher at 33.5 cents

Software solution company, IODM (IOD) has received a new revenue opportunity from its existing partnership with Western Union Business Solutions (WUBS).

IODM is an accounts receivable solution company that utilises digital technology to optimise automation. Its solution provides an end-to-end AR process that supports customers with invoicing, query management, payment reminders, escalation and analytics.

The company’s contract with WUBS was secured in June, and enables WUBS to engage with its existing and new clients via a service level agreement.

Now, IODM has secured a new initial 12-month term contract to provide its offering to a further education client of WUBS in the United Kingdom.

The university is said to have more than 4500 international students, and the new relationship is expected to bring in revenue of between $135,000 and $165,000 per year for IODM.

However, the company has no commercial arrangement with the university, the revenue is dependent on the number of students that pay their tuition fees and accomodation through IODM’s payment platform.

The company said the forecasted revenue factors in risks around COVID-19 and its effects on international student numbers in the UK.

According to IODM CEO, Mark Reilly the partnership is part of the company’s global rollout.

“The company continues to focus on the global rollout, especially the expanded UK Education pipeline which is currently at its highest point in our short history.”

Shares were trading 6.3 per cent higher at 33.5 cents at market close.

IOD by the numbers
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