AGREEMENT WITH NATO-APPROVED DEFENCE FIRM EAV COMMENCES

Key points

• Thrive Tribe Technologies Ltd has entered into a three-year exclusive distribution agreement with EAV
• Agreement involves marketing and distribution of WooBoard and REFFIND HR platforms to military and defence sectors
• EAV is a NATO registered defence procurement agency specializing in military equipment procurement

Full summary

Thrive Tribe Technologies Ltd (ASX: 1TT) has announced a three-year exclusive distribution agreement with Effective Acceleration Ventures Ltd (EAV), a NATO registered defence procurement agency. This agreement will see 1TT's WooBoard and REFFIND HR platforms being marketed and distributed to armed forces, military organizations, troops, and personnel of NATO member states. EAV will lead distribution, market development, and customer engagement for 1TT's workforce software in the defence sector. 1TT will remain responsible for product development, configuration, implementation, technical support, and ongoing customer support. EAV must generate at least US$5 million in turnover by the end of Year 1 and at least US$15 million by the end of Year 2 to retain exclusivity. EAV will receive 20% of revenue generated under the agreement.

Guidance

EAV must generate at least US$5 million by the end of Year 1 and US$15 million by the end of Year 2

Outlook

The agreement positions 1TT to capture market share in the fast-growing global defence wellbeing market, which is expected to grow significantly by 2035.