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  • IODM (IOD) signs its first client in the UK, with a focus on the education sector
  • The company’s cloud-based software solution supports customers with invoicing, query management, payment reminders and analytics
  • The five-year service-level agreement comes via a global partnership deal with Western Union Business Solutions (WUBS)
  • The latest agreement represents more than 30 per cent of IODM’s last reported full year revenue for FY2020, being roughly $645,000
  • IODM shares are up a healthy 25 per cent to 27.5 cents at 2:44 pm AEST

Digital technology provider IODM (IOD) has signed its first client in the United Kingdom.

The Australian company’s cloud-based software solution of the same name offers an end-to-end augmented reality (AR) process that supports customers with invoicing, query management, payment reminders, escalation and analytics.

The five-year service-level agreement comes via a global partnership deal with Western Union Business Solutions (WUBS), which comprises changed details reflecting a more transactional focus.

Notably, the latest deal is slated to represent more than 30 per cent of IODM’s last reported full year revenue for financial year 2020, which was roughly $645,000.

The contract between the parties will allow WUBS to provide the IODM platform to existing and new clients in the UK’s education sector, whereas the previous subscription-based revenue model gave way to sharing economics on turnover transacted through the WUBS payment platform and IOD’s system.

IODM said after extensive analysis and marketing over the last six months, the company valued the total assessable market for education in the UK and US at roughly $118.6 million in revenue per annum.

Further, IOD said its target market, being WUBS’ existing business, reportedly had an achievable revenue market of around $57.7 million annually.

IODM CEO Mark Reilly commented on the latest deal: “IODM has now proven that the long-term positioning of the AR solution has a seat at the global table and with a very detailed sales strategy in a specific target market, the company is set to benefit from all the hard work.

“The focus will continue to be marketing this solution not just in education but replicating it through healthcare and other related industries in the short term and demonstrates efficacy of the WUBS partnership.”

On the back of the announcement, shares in IODM soared by 25 per cent to trade at 27.5 cents each at 2:44 pm AEST.

IOD by the numbers
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