Victor Tsaccounis (Hubify)
Managed services and telecommunications provider Hubify has scored a trio of customer contracts worth a total revenue value of $3.1 million.
The Australian Securities Exchange (ASX)-listed won a bigger chunk of business with Harris Farm, who has been a customer for the past four years. This will see Hubify supply a security upgrade across 26 stores, giving it one-off project management revenue of $500,000.
Specifically, this will be an enterprise-grade loss prevention solution.
This is in addition to supporting Harris Farm with its $300 million capital expansion plan, which Hubify estimates will generate $150,000 per new store opening.
Hubify also won a deal with Point Parking to provide connectivity and managed services, including cyber security to 92 car parks with a contract value of $1.74 million over five years.
On top of this, Hubify has landed new contracts with Grosvenor Engineering to provide connectivity to 21 branches and a Microsoft Teams voice solution to 120 staff with a contract value of $800,000.
This is in addition to the mobility solution Hubify has supplied for Grosvenor’s team of 800 employees and internet of things (IoT) devices.
In total, these contracts will bring Hubify revenue of $3.1 million including $900,000 in annualised recurring revenue to commence in the coming 90 days.
"We are working through our solid sales pipeline of growing companies, using our sales expertise along with our selling propositions, including our 24/7 support and our one-stop shop to support Australian businesses," Hubify CEO Victor Tsaccounis said.
"I look forward to updating the market on more organic growth wins along with acquisitive growth as we work through our pipeline of managed services and telco acquisition targets.”
Hubify has steadily been growing its managed services division for some time. Last year, the company formerly known as United Networks, paid $2 million for Sydney-based MSP ICNE. It also acquired telemarketing company Smile, for which it paid up to $750,000.
The difficulties of the previous year, however, hit Hubify's most recent half results. The company saw its post-tax profitability down 78.4 per cent year-on-year, to $140,000.
Hubify said the hit to its profitability was partly due to the ongoing COVID-19 pandemic, as it continued to support its employees during difficult labour market conditions with reduced support from the government.
