ArcelorMittal Mining UK, part of the Luxembourg-headquartered ArcelorMittal group, has signed up with ASX-listed K2fly to use its resource disclosure and model manager software for the next five years.
K2fly says the new deal has a total contract value of A$1.9 million and will add $332,000 of annual recurring revenue to its ARR ledger.
CEO Nic Pollock said the company’s first contract with ArcelorMittal also marked a maiden sale of K2fly’s combined resource disclosure and model manager platform-based SaaS cloud products.
“This realises the vision driving the acquisition of Sateva which brought us model manager, a very natural fit with our resource reporting solution,” Pollock said.
“This combination offers our customers a deeper governance and transparency solution and efficiencies around block model management on an enterprise-wide basis.”
The two K2fly products will be rolled across ArcelorMittal’s 10 mining regions. The parent steel producing and mining group is listed on the New York, Amsterdam and Paris stock exchanges and K2fly says its products support ArcelorMittal Mining UK’s reporting as a public entity under US SEC S-K 1300 guidelines.