Knosys (ASX:KNO) announced that its wholly owned subsidiary, Greenorbit (GO), has entered into an agency agreement with UK-based Oak Engage to introduce Oak's intranet and employee experience platform to GO’s customer base.
Greenorbit, which provides the Greenorbit intranet solution primarily to clients in Australia and the United States, accounts for around 30% of Knosys’ annual recurring revenue.
As Knosys focuses its development resources on its next-generation Libero library management solution while maintaining its knowledge management offerings, the agreement enables Greenorbit customers to access an upgraded, market-relevant intranet solution without requiring Knosys to invest in new intranet development.
Under the two-year agency arrangement, GO will introduce the Oak Platform to its customers and act as the billing and collection agent for Oak for migrated clients.
Customers who choose not to migrate will continue using the GO Platform under their existing terms.
Oak will compensate GO for each customer migration based on a multiple of the customer's current annual recurring revenue.
Knosys Managing Director John Thompson said the agreement "represents the best outcome for GO customers and Knosys shareholders, providing quicker access to new intranet features and technology while allowing Knosys to focus on its core library and knowledge management markets."