Solar security, sensing and visual Artificial Intelligence (AI) solutions and platforms company, Spectur, has announced the signing of an updated Statement of Works for Goods and Services (SoW) through a Variation to Statement of Work (VA) from Optus for $956,000. This brings the value of the amended Statement of Works to $2.02 million.
The original five-year term Master Supply Agreement (MSA) and two-year term SoW that operated within this MSA were signed and disclosed in an ASX announcement on 18 November 2021.
The key contracts include:
- A Master Supply Agreement (MSA) (base terms and Goods & Services Module) with Singapore Telecommunications (Singtel), for a five year term
- A SoW that operates within this MSA, applying to Singtel Optus (Optus) assets within Australia, for a two year term
The MSA was originally due to expire on 16 November 2026 and the SoW on 16 November 2023.
The VA document summarises the changes to an updated SoW (Appendix A) and predominantly:
- Extends the term of the SoW to 31 December 2025
- Updates the Goods and Services to reflect optimised practices and updated technology
- Updates the pricing and works schedules
- Updates the Estimated Value under the SoW from $1,068,140 to $2,023,785 (an increase of $955,645)
The updated SoW extends the multi-year rollout of Spectur hardware, services and software subscriptions to protect and service remote assets of Australian telecommunications leaders; Optus and Australia Tower Networks.
It is expected that Purchase Orders will be issued in the near term, which will comprise a subset of the additional $956k added to the SoW.
Executive commentary
Spectur Managing Director, Dr Gerard Dyson, said, “Spectur commenced supporting Optus and associated companies in 2020. Over this time, we have continued to work with Optus to improve and update our hardware, software and reporting systems, to suit their operations. This relationship and the positive impact that Spectur solutions have had in reducing theft, vandalism and disruption, has led to a continuation and expansion in the deployment of Spectur platforms.
“A key part of our strategy is to grow our income from institutional contracts. We see this step-up in our engagement with Optus as a validation of the return on investment that we can deliver for bluechip customers.
“This Variation Order, which we will not record as a sale until the Purchase Orders are received, comes hot on the heels of a record start to sales in 2023. January and February sales results have continued the month on month growth that we saw in H1 and underpin our confidence in ongoing strong revenue growth for the balance of the financial year.”
Dr Dyson will hold an online investor briefing on 2 March at 12pm (AEDT) to discuss this announcement, half year results and the recent acquisition of Three Crowns Technologies.
To register or request a replay of the event, please click here.
This sponsored editorial is brought to you by Spectur. For further information, please visit https://spectur.com.au.
