Aeeris Limited (ASX:AER) provides real-time monitoring and support to protect people, property, infrastructure and business operations for most of Australia’s major insurers, providing services in both Australia and now New Zealand. Through its fully owned subsidiary, Early Warning Network Pty Ltd, Aeeris monitors and geospatially analyses critical threat and event data to deliver location-specific alerts to insurers and their customers.
Providing a clear indication of the benefits Aeeris delivers to insurers and their reliance on the Company to deliver real-time hazard and weather warnings to their customers, one of Australia’s largest insurers has extended their service agreement for a further three years. This extended agreement now also incorporates a new hail service. The total value to Aeeris over the three-year term including an associated ongoing agreement is approximately $1M.
As a result of this new agreement, Aeeris expects the new revenues to increase our total invoicing this quarter to over $750k – an increase of $200k. Should all these invoices be paid prior to the end of the quarter, Aeeris’ estimated total cash inflows for FY21 are expected to be between $2.9 and $3.0M.
This announcement has been approved and authorised for release to ASX by the Board of Aeeris Limited.