Orcoda Limited (ASX: ODA) (‘Orcoda’ or ‘the Company’), the integrated smart transport technology solutions provider, is pleased to announce its wholly owned subsidiary Future Fleet International Pty Ltd (“Future Fleet”) has secured substantial new sales orders in the first six weeks of the June 2024 quarter (“June quarter to-date”).
Highlights:
- Strong start to June 2024 quarter, with Future Fleet securing multiple sales orders from new customers across transport, industrial and resources sectors
- In aggregate, June quarter to-date orders exceed $640k with revenue expected to be booked over the next few months
- Furthermore, these orders will contribute ~$300k in annual recurring software revenue going forward
Read the ASX Announcement HERE
Background:
Future Fleet is a Brisbane-based leading provider and innovator of fleet management systems, including telematics, asset tracking, AI-powered driver fatigue & distraction detection technology as well as cold chain logistics assurance services in Australia and New Zealand. Orcoda acquired Future Fleet on 1 July 2023 to complement Future Fleet’s fleet management systems with Orcoda’s transport booking, transport management and optimisation software capabilities.
Future Fleet’s key strategic priority in FY2024 has been the 3G to 4G/5G upgrades for existing customers’ vehicle fleets prior to the scheduled 3G network shutdown on 30 June 2024. This shutdown was recently extended by two (2) months to 31 August 2024. In addition to these upgrade works, Future Fleet continues to win new orders from both existing and new customers.
Geoff Jamieson, Orcoda’s Managing Director, said:
“These orders from new customers and the successful 3G to 4G/5G upgrades for existing customers demonstrate the strong momentum in Future Fleet and is a testament of the team’s dedication. I look forward to continued momentum within this business.
Future Fleet’s key strategy moving forward will focus on winning more new customer sales, supporting and upselling existing customers as well as capitalising cross-selling opportunities between Future Fleet and Orcoda.
I am excited about offering integrated tracking plus booking/optimisation transport solutions to our existing and prospective customers as they embark on or continue with their digital transformation journey.”
