Following extensive and positive trials, Vault (ASX:VLT) says it has successfully secured a significant contract with M1, to drive Singapore’s smart nation initiatives.

Vault – whose share price was up 15% on announcement of the deal - says M1 has committed to a five year agreement with “significant volume growth” over the term and new contracted annualised recurring revenue (CARR) of A$580k - the average over the contract term.

Vault Solo, which launched late 2018 in partnership with Samsung and its Galaxy Watch says “the innovative solution led by M1 comprises Vault Solo wearable and platform, M 1 data services and Samsung Galaxy watches and will enhance the safety and productivity of Singapore’s workforce.”

David Rose, COO and Executive Director at Vault said, “This agreement is a fantastic achievement for Vault in conjunction with M1 and Samsung in Singapore”.

“The Vault team has worked extensively with M1 and Samsung to satisfy all requirements and help position the partnership for future growth. Singapore, as a forward thinking country with a distinct and committed focus on innovation and worker safety, through the Smart Nation Initiative, is leading the way and we are delighted to assist in achieving that objective.

“We continue to experience significant demand for the Vault Solo product and as a result, we are on target and remain confident of delivering on our FY20 target of a minimum A$10M CARR.”

Willis Sim, M1 Chief Corporate Sales and Solutions Officer said, “M1 is delighted to partner with Vault to provide an innovative solution for our customers through our data services and the Vault Solo wearable and platform, to enhance the safety and productivity of our customer’s workforce”.

“As a leading communications services provider, we will continue to stay at the forefront of technological developments to support Singapore’s Smart Nation initiatives and enable our customers in today’s digital economy.”