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Why the Bigtincan share price rocketed 25% higher today

James Mickleboro
share price higher

The Bigtincan Holdings Ltd (ASX: BTH) share price has continued its impressive run and is charging higher again on Friday.

In morning trade the sales enablement automation platform provider’s shares rocketed 25% higher to a record high of $1.08.

They have since dropped back a touch but are still up 16% to $1.00 at the time of writing.

When Bigtincan’s shares reached that record high, it meant they had gained a whopping 238% since this time last year.

Why is the Bigtincan share price rocketing higher?

Investors have been fighting to get hold of the company’s shares following the announcement of yet another big contract win.

After announcing a $2.8 million two-year deal with global beauty retail giant Sephora in December, Bigtincan has followed this up with an even bigger deal with a global technology company.

According to the release, the company has received a purchase order after winning a competitive bid for a deployment with US-based global technology company DXC Technology Services.

The total contract value is $6.2 million (US$4.3 million) over the two years. DXC Technology Services has the option to extend the contract for a third year.

DXC Technology is the world’s leading independent, end-to-end IT services and solutions company. It helps customers harness the power of innovation to thrive.

It appears to have been impressed with Bigtincan’s cloud solution which empowers global teams to gain the benefits of the Bigtincan SaaS platform that offers up new functional areas and capabilities that are needed for the future of sales enablement.

Management notes that this “contract underlines Bigtincan’s strategy of partnering with enterprise customers to meet their requirements for a platform that can be extended and expanded through the use of Content, Learning, Add-ons and other features, that make the Bigtincan platform unique for key vertical markets.”

The post Why the Bigtincan share price rocketed 25% higher today appeared first on Motley Fool Australia.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of BIGTINCAN FPO. The Motley Fool Australia has recommended BIGTINCAN FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020