Artificial Intelligence software company RocketBoots Limited (ASX:ROC) has announced the extension of its foundational partnership with a significant Australian retailer, enhancing its presence across the country. The agreement, which continues a collaboration that spans over seven years, will see RocketBoots' technology utilized across more than 250 retail locations.
The specifics of the deal indicate a one-year contract with a prepaid annual value of $339,000, representing a 5% increase from the previous contract. This extension allows for the continued provision of RocketBoots’ software solutions, which play a crucial role in optimising operations within the retailer's stores. Moreover, the contract includes an option for annual extensions, although either party retains the right to terminate the agreement at any time, with the non-refundable nature of the prepaid amount noted as a key consideration.
RocketBoots has successfully integrated its software within the retailer's existing systems, thereby enhancing their operational capabilities and enabling the retailer to leverage significant value from the partnership. The company has been able to demonstrate a sustainable return on investment, which is indicative of its commercial model. This development positions RocketBoots to capture a share of the billion-dollar global retail, grocery, and banking markets.
In light of the partnership extension, RocketBoots Chief Executive, Joel Rappolt, expressed optimism regarding the company's ability to retain and scale its software in critical markets. “We continue to show our ability to retain and scale our software in key customer markets,” Rappolt remarked. He underscored the importance of their loss prevention software in addressing the rising challenges of retail theft, which has had a more profound impact on profitability in the sector.
Beyond this retail agreement, RocketBoots is reportedly engaged in advanced discussions with a number of international enterprise customers, focusing on closing several near-term opportunities aimed at expanding its international footprint in the fast-evolving landscape of AI automation for businesses.
Source: Noah Wire Services