8common secures nearly $2M taxation contract

• 8common secured nearly a $2 million contract with the Australian Taxation Office.
• The company's stock price closed higher following the market announcement.
• The contract aims to drive long-term recurring software revenue growth.

Fintech provider 8common (ASX:8CO) secured nearly a $2 million software contract with the Australian Taxation Office.

The agreement adds 20,000 users to the platform, expanding on the company's baseline of 50,000 federal government users.

"The scale of the ATO deployment highlights the suitability of Expense8 for large, complex government organisations," said 8common CEO Andrew Bond.

The contract features a three-year fixed term alongside three separate one-year extension options.

Following the announcement, the 8common share price was up at $0.04.

This transaction expands the company's client base to more than 190 state and federal government entities.

The company stated that the deployment supports ongoing recurring software revenue visibility.