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Ivrnet (TSXV:IVI) has announced the signing and financing of seven new contracts. As quoted in the press release: Ivrnet has signed two Calgary based residential community organizations to long-term contracts to employ Ivrnet Central for fee collection, member registration and community facilities. The two contracts are worth $82,800 over 36 months and $181,200 over 60 …
Ivrnet (TSXV:IVI) has announced the signing and financing of seven new contracts.
As quoted in the press release:
Ivrnet has signed two Calgary based residential community organizations to long-term contracts to employ Ivrnet Central for fee collection, member registration and community facilities. The two contracts are worth $82,800 over 36 months and $181,200 over 60 months.
Ivrnet has also signed two public service contracts for FinTech service provision by way of PCI compliant credit card payment processing. These contracts are based in both Alberta and British Columbia. The two contracts are worth $540,000 over 24 months and $23,400 over 12 months, respectively.
Ivrnet also signed two more FinTech service provision contracts by way of PCI compliant credit card payment processing with both a major educational institution in British Columbia and Utility Supplier in Alberta. These two contracts are worth $101,900 over 36 months and $30,000 over 24 months, respectively.
Finally, Ivrnet has signed one User Engagement/Communications contract with another major Utility provider in the Province of Manitoba. This contract is worth $43,200 over 24 months.
“Again, we are on target in attaining our goal of signing at least one major contract per month,” explains Ivrnet CEO David Snell.
Ivrnet CEO David Snell explained that, similar to the recent Ivrnet Central contracts that were announced as signed in February of this year, all seven of these new contracts can add additional Ivrnet features to accommodate their growing organizational requirements over the respective terms of their contracts. Once again, this would equate to additional revenue growth for Ivrnet.
As is common business practice, a portion of the contracts were financed to provide the upfront capital required for configuration, customization as required, installation and training. It is typical in the software industry to finance and recognize revenue on contracts as 50% of the contract upfront and 50% over time. Ivrnet projects to finance and recognize between 35% and 50% of major Ivrnet contracts upfront, with the balance recognized over time.