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Whispir (ASX:WSP) share price soars on major contract

The Whispir Ltd (ASX: WSP) share price is surging after revealing a significant contract.

For readers that haven’t heard of Whispir before, it’s a software as a service (SaaS) communications workflow platform that automates interactions between organisations and people.

Whispir wins important contract from Singtel

Whispir has been signed a three-year contract with Singapore Telecommunications Limited (SGX: Z74), which happens to be the parent business of Optus.

Singtel has picked Whispir to replace its core SMS notification systems enterprise-wide, while also enhancing the push app, email, voice, WhatsApp and rich message capability for internal users.

The Whispir platform will be deployed as Singtel’s client facing platform servicing their existing enterprise clients.

The ASX share’s software will also be integrated with Singtel’s internal applications to streamline operations and enhance future communications capabilities.

This contract has a minimum contract value of SG$1.3 million for professional services and software licence fees.

Transactional usage fee revenue will be generated in addition to the minimum contract value. Management said this represented revenue upside.

Singtel was described by Whispir as Asia’s leading communications technology group. It has a presence in Asia, Australia and Africa and reaches over 750 million mobile customers in 21 countries.

The new partnership and offerings will enable Singtel to rapidly deploy and resell Whispir’s new communications engagement capabilities to their existing and future enterprise clients.

Management comments

Whispir CEO Jeromy Wells said: “Singtel is a globally recognised brand that has selected Whispir to unlock more value from its digital services. We believe this signals a step-change in the way businesses in the region are looking to use the Whispir platform to transform the business and communicate more effectively with their stakeholders.”

Summary thoughts on Whispir and the share price

I am no expert on Whispir or its potential, but investors clearly like the deal with Whispir shares up around 7% at the time of writing.

However, it has been a difficult year for longer-term shareholders as Whispir has dropped 44% in the 2021 year. This has reduced the gain from the start of 2020 to around 30%.

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At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.