Urbanise.com Limited
(ASX:UBN) has signed a commercial heads of agreement with South Africa’s King Price Insurance.
The agreement will see Urbanise expand its cloud based building services platform within the sectional title insurance market in South Africa, through a number of deployments with King Price.
King Price will pay Urbanise minimum software and service fees of US$5 million over the first five years, with additional potential annual recurring revenues of US$1 million.
The two companies intend on entering formal definitive agreements by no later than 31st of May 2016, subject to final King Price Board approval.
Urbanise.com reported a net loss of $4.55 million for the six months to the end of December 2015.
