Australian mining software company K2fly booked A$1.9 million of revenue for the June quarter this year, down 29% year-on-year, but has finished its FY24 with a further uplift in annual recurring revenues (ARR).
The company, which is being acquired by US private equity firm Accel-KKR for A$38 million (US$25 million), said ARR grew 8% to $9 million in the latest quarter and finished FY24 up 20% yoy.
“Despite flat revenue growth our core metric of ARR growth continued at 20% yoy as we continue to focus on landing and expanding our SaaS ARR licence revenues,” K2fly CEO Nic Pollock said.
“We have seen significant new client acquisition and ARR in our Americas operations with the addition of two new name accounts [Vale and Lundin Mining] contracting onto the new Resource Disclosure platform for a combined $653,000 in additional ARR.
“We also saw price growth (24%) in a multi-year contract renewal.”
K2fly reported a net operating cash inflow of $1.2 million in the June 2024 quarter on seasonally higher receipts and on the back of recent cost saving initiatives.
“The offer from Accel-KKR, when concluded, will provide K2fly with the best partner to continue the journey with our current and future customers to deliver net positive resource governance solutions for our current and future clients and a stronger company for our staff to continue to thrive,” the company said.
