- 8 November 2019 14:40
Transport for NSW extends contract with Expense8 for three years
Transport for NSW has extended its current contract with Expense8 to manage its expense and credit card management and procurement payments for another three years.
It is worth an estimated $750,000 in revenue to Expense8, a wholly-owned subsidiary of 8common Limited (ASX: 8CO), a leading provider of travel expense management software and card application management.
This brings 8Common’s contract wins this financial year to $1.2m with recurring revenue (unaudited) from software-as-a-service (SaaS) up 26% over the previous corresponding period.
Macro changes in straight-through processing, procure-to-pay, and increasing compliance and audit oversight of government and enterprise spending is driving opportunities for companies like 8Common to provide software solutions that allow department employees to more easily plan and manage corporate travel and expense management while meeting these more stringent compliance conditions.
8common delivers enterprise grade financial transaction processing through its flagship Expense8 platform, which has become a leading provider of end-to-end travel expense management software, card application and management. The software solutions improve organisation, productivity and results through products like PayHERO (procurement payment gateway) and CardHERO (pre-paid card fund distribution). They deliver closed loop solutions to support highly regulated, large network and high-volume requirements.
This latest contract extension comes after shared service wins for the company at both Federal and State Government level.
The Federal Department of Industry, Innovation and Science (DIIS) and the Federal Department of Finance (DoF) will use the 8common platform to deliver services to up to 61 entities and over 40,000 new employees.
While in NSW the Department of Planning, Industry and Environment (DPIE) contract was extended for an additional year with estimated revenue of more than $200,000. The NSW Audit Office started a three-year contract for expense management module and pre-trip travel management.
8Common provide travel expense management and card services for over 120 entities across the Federal, New South Wales and Northern Territory governments, with over 95,000 active users within State and Federal Government including the Federal Department of the Prime Minister and Cabinet and the NSW Department of Education.