IODM announces new commercial agreement with Convera

IODM Limited (ASX: $IOD) has reached an agreement with Convera for a new commercial agreement in the UK education market. The agreement, effective from 1 January 2024, introduces amended payment terms and a tiered structure for revenue sharing, aiming to enhance IODM's revenue streams.

Executive Commentary on the New Agreement

This agreement importantly acknowledges the significant value IODM provides to Convera and the universities currently using the IODM platform. We look forward to building on the early success we have achieved with Convera in the UK education sector and indeed broadening that across different regions and verticals.

Summary of IODM's New Commercial Agreement

IODM (ASX: $IOD) has finalized a new commercial agreement with Convera for the UK education market, featuring amended payment terms and a tiered structure for revenue sharing. The agreement, effective from 1 January 2024, allows IODM to receive 25% of all FX revenues from existing onboarded universities and 30% from universities onboarded after 1 January 2024. Additionally, a minimum monthly payment of GBP150,000 is guaranteed, scaling from GBP50,000 over the contract term. The Company anticipates moving through the first stepped threshold by the end of FY24 and foresees replicating this agreement across other sectors and regions in the coming 12 months. IODM CEO, Mark Reilly, expressed excitement about the agreement's acknowledgment of IODM's value and the potential for expansion into different regions and verticals. The Board of Directors has authorized this announcement.