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Firstwave Cloud Technology Limited (ASX:FCT)

ALERT: Price-sensitive ASX Announcement for FCT
Current share price for FCT : $0.007 0.002 (30%)+
Announcement
Release
14 May 2026 3:08PM
Price at Release
$0.005
Full Release
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Summary
FirstWave Cloud Technology Limited has entered into a license agreement with Services Australia worth $1.85 million to provide its AI-powered compliance management software. Under the terms of the agreement, Services Australia licenses the software on a perpetual basis, with the financial arrangement including a software license, professional services, and annual support. This deal highlights the strategic significance of FirstWave's technology, as Services Australia, a major operator in the Australian federal government, will utilize this software to support its compliance management tasks within its extensive network. The total payment is expected within 30 days, with recurring annual support fees.
Key Points
  • FirstWave Cloud Technology secured a $1.85 million agreement with Services Australia.
  • The agreement involves providing AI-powered compliance management software.
  • Services Australia will use the software to support compliance management within its network.
  • The financial structure includes a perpetual software license, professional services, and annual support.
  • FirstWave will receive a one-time software license and service fee, with ongoing support payments.
  • The agreement underscores the strategic importance of FirstWave’s technology in government infrastructure.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.