- Vault Intelligence has signed a 5-year contract deal with ADT Security New Zealand for nearly $7 million
- ADT will use Vaults workplace software, Vault Solo
- Vault Solo is used on laptops, mobiles and wearable devices such as smartwatches
- Vault Intelligence is up 8.82 per cent and is selling shares for 37¢ apiece
Workplace software provider, Vault Intelligence has signed a $6.8 million contract with ADT Security New Zealand for its Vault Solo.
Vault Solo is a standalone workforce management ecosystem that uses mobility and Internet of Things (IoT) devices (e.g. Samsung Galaxy watch) and is designed to protect, secure and manage workforces.
The software is available on mobiles, laptops, wearables and solo drive.
Vault solo helps mangers and colleagues stay in contact with their team. It offers a tracking device to see where your colleagues are if you need help.
It can set up a check-in time every hour, 30 mins or even 15 minutes to make sure all employees are safe when they are working.
Solo drive is designed for car use, it alerts supervisors when a collision has happened and asses how your workforce can be safer on the road.
Under the deal, ADT has committed to a 5-year contract with a minimum value of $6.8 million, with a minimum $1.36 million CARR (contracted annual recurring revenue).
Following this success, Vault remains confident of meeting market guidance of a
minimum of $10 million CARR by end of Financial Year 2020 as its CARR already stands at $8.3 million.
ADT is a 24-hour security software for personal and business use. It has 24/7 security alarm monitoring, interactive security, a live video of your home and more.
Vault CEO David Moylan is pleased with the agreement.
“This agreement is further evidence of the tremendous capability and potential of Solo, particularly in the security sector,” David said.
“We are delighted to be working with ADT and look forward to exceeding ADT expectations so that we extend beyond Australia and New Zealand,” he added.
“The Vault Solo solution is fantastic and will enhance our existing portfolio of products that help keep people and property safe,” Director of ADT Security Services, Gerhard Venter.
Vault Intelligence is up 8.82 per cent on the Australian Securities Exchange and is selling shares for 37¢ apiece at 3:06 pm AEDT.