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8common (ASX:8CO) extends contract with NSW Dept. of Education
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  • Fintech company 8common’s (8CO) contract with the NSW Department of Education has been extended for another two years
  • The new contract represents $960,000 in revenue, making the contracts won to date in FY21 worth in excess of $2.5 million
  • The initial contract with the NSW Department of Education first went live in March 2016
  • The company says this new extension reflects its strong product delivery, exceptional customer service and ongoing relationships between the two parties
  • 8common is trading flat at 22 cents

Fintech company 8common’s (8CO) contract with the NSW Department of Education has been extended for another two years.

The new contract represents $960,000 in revenue, making the contracts won to date in FY21 worth in excess of $2.5 million.

8common provides travel and expense management and card services for over 150 entities across the Federal, NSW and Northern Territory governments, with over 132,000 active users within the state and federal government.

Its flagship Expense8 platform provides end-to-end travel expense, card application and management, incorporating company organisational policies and expense auditing to reduce fraud. The company’s client base of more than 157,000 platform users includes Woolworths (WOW), Broadcast Australia, Amcor and over 153 state and federal government entities.

The initial contract with the NSW Department of Education, which first went live in March 2016, had a contract period of three years with provision for a two-year extension.

The company says this new extension reflects its strong product delivery, exceptional customer service and ongoing relationships between the two parties.

"Our ongoing relationship reflects the product delivery and user benefits of our Expense8 solution," said 8common CEO, Andrew Bond.

"Our ability to continue to support existing customers, execute new products and onboard new customers is a testament to our product quality as well as our robust development, research and development, and operational capabilities."

"We continue to see a strong pipeline of growth in 2021 and we look forward to expanding our presence with the State and Federal Government sector as well as large enterprise businesses."

8common is trading flat at 22 cents at 11:05 am AEDT.

8CO by the numbers
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