Join our daily newsletter At The Bell to receive exclusive market insights
- Swift Networks (SW1) secures a deal with Hubify (HFY) to supply communication and entertainment solutions to the aged care market
- The company entered an agreement to deploy its proprietary entertainment solutions to one of Hubify’s key aged care clients, with facilities spread across Australia’s east
- The contract is expected to generate up front installation fees in the first quarter of 2023, with recurring revenues for an initial 54 months
- The contract value is expected to total around $1.5 million, of which 83 per cent is classified as recurring revenue
- Swift Networks was up 5.88 per cent at the close of trading today at 1.8 cents per share
Swift Networks (SW1) has secured a deal with Hubify (HFY) to supply communication and entertainment solutions to the aged care market.
The company entered an agreement to deploy its proprietary entertainment solutions to one of Hubify’s key Aged Care clients, with facilities across eastern Australia.
Swift CEO Brian Mangano said the company is looking forward to working with Hubify to service its portfolio of Aged Care clients.
“This initial contract is also momentous for Swift as it will be the first large-scale roll-out of a Swift Broadcast, Swift Access hybrid solution,” Mr Mangano said.
As part of the agreement, a combination of the company’s products, Swift Access and Swift Broadcast, will be installed across all 13 sites. The hybrid solution will aim to provide clients with the freedom to choose an easy-to-use TV-based entertainment solution or next-gen on-demand entertainment with casting capability.
Both solutions deliver access to Swift’s extensive movie and entertainment library and bandwidth management platform, plus support services.
The contract is expected to generate up front installation fees in the first quarter of 2023, with recurring revenues for an initial 54 months.
The total contract value is said to be $1.5 million, of which 83 per cent is classified as recurring revenue.
Swift Networks was up 5.88 per cent at the close of trading today at 1.8 cents per share.
