Telecommunications services provider Norwood Systems has inked an agreement with cloud services provider CommSys to deliver communications services using its Corona global trunk services platform.
Under the contract, valued at $300,000, Corona will enable the CommSys hosted PABX platform with what Norwood says is a sophisticated mobility solution which extends Commsys’ customer’s desk IP phones to the World Phone App, further enhancing the customer solution.
The ASX-listed Norwood (ASX:NOR) is in voluntary suspension as it released the announcement today of the agreement with CommSys, and as it finalises the details of a proposed capital raising expected to be announced later this week.
Norwood managing director Paul Ostergaard says that following the agreement with CommSys, the total value of signed Corona sales contracts for Norwood now exceeds $500,000 in annual recurring revenue.
{loadposition peter}He says Norwood is starting to see “excellent sales traction with Corona in the market, and we have now moved past the initial steps of building a strong recurring revenue base from Corona services”.
“This deal with CommSys represents a robust Corona sales milestone that materially increases Corona’s recurring revenue base.
“We continue to progress a number of very strong and large Corona sales pipeline opportunities, which gives us confidence that we will add further material Corona recurring revenue in the near term.
“We have also continued to make excellent progress on rolling out our distribution agreement with Affinion, announced in January, to Affinion’s loyalty client base. We remain on track for likely first revenues under the Affinion distribution agreement to commence in the July to September 2017 timeframe.”