Vista Group International Limited (ASX:VGL) has entered into an agreement to transition an existing major enterprise client in Latin America to the Vista Cloud platform.
The ten year agreement includes Vista Group’s platform (Vista Cloud, Vista Digital and Movio EQ) and integration with Vista Group’s portfolio companies, Numero and Maccs.
Kimbal Riley, Group Chief Executive, said the transition is a transformational project for the enterprise client involving the transition of over 300 sites to the platform over time. The project will commence in Q3 2022 with Vista Digital and Movio EQ, with Vista Cloud rolling out progressively after that.
While the commercial arrangements are confidential and subject to final terms and conditions, once fully rolled out the agreement is expected to result in the Latin American exhibitor becoming one of Vista Group’s largest clients globally.
The deal involves annual subscription fees and variable fees connected to the value of the transactions processed through the platform.
This is a fantastic deal for both parties and a strong vote of confidence for our platform. The agreement is in line with our expected SaaS revenues and in 2022 and 2023 we will be very focussed on bringing this client, and others in the pipeline, on board,” Riley said.
“We are especially excited to be bringing Vista Digital and Movio EQ to life in this circuit, delivering measurable value quickly is one of the key benefits of our new cloud technology.”