Vault Intelligence has signed a contract worth nearly $7 million with security company ADT Security New Zealand for Vault’s Solo product.
Under the deal, ADT has committed to a five year contract for Vault Solo at a minimal total contract value of $6.8 million, with a minimum of $1.36 million contracted annual recurring revenue (CARR).
David Moylan, CEO and managing director at Vault said the deal was representative of Solo’s potential.
“This agreement is further evidence of the tremendous capability and potential of Solo, particularly in the security sector,” Moylan said.
“We are delighted to be working with ADT and look forward to exceeding ADT’s expectations so that we extend beyond Australia and New Zealand.”
Gerhard Venter, director of ADT Security Services added that he believes Vault Solo will improve the security company’s offerings.
“The Vault Solo solution is fantastic and will enhance our existing portfolio of products that help keep people and property safe.”
This deal follows one Vault made previously with Vita Group to expand the development sales of Solo through the Vita Enterprise Solutions sales group into large enterprises, which was announced in early October 2019.
A statement from the company claimed Vault is on track to meet market guidance of a minimum of $10 million CARR by the end of FY20, with CARR currently at $8.3 million.
Vault Solo is also generating significant growth, with the last four months seeing over $14 million worth of new contracts.
Vault Solo is a workforce management ecosystem that utilises mobility and Internet of Things (IoT) devices, including the Samsung Galaxy watch, to track the location and heart rate of employees through a check-in system.