ASX Announcement for significant contract win for their RegTech business (formerly Itree Pty Limited). Looks like the Itree acquisition is working out. I understand NZ Police have significant contracts with PEGA Systems and ServiceNow so the fact that they chose a new vendor for this project is interesting especially with such a high profile project in Firearms in NZ in the wake of 2019 shootings. Note that the ARR for this contract has already been reported at 1HY2022.

Objective selected for firearms legislative reform

Objective RegWorks, a specialist end-to-end regulatory platform, has been selected by New Zealand Police to develop the firearms registry Sydney, Australia – Following a competitive multi-phase tender process, Objective Corporation (ASX:OCL) has been awarded a 5 year, circa $13M NZD contract for the implementation of the Arms Information System.

Objective RegWorks will be used by Police to manage the end-to-end regulation of registration and licensing for firearms as part of a programme that includes the establishment of a new Arms Information System (AIS) to support the effective regulation of New Zealand’s licensed firearms community (approximately 250,000 licence holders). The Arms Information System will be a secure digital platform that will manage the information related to arms (firearms, parts, ammunition and other restricted weapons), firearms licensing, and any activities associated with the possession and use of firearms. It will ultimately give Police a clear picture of all firearms transactions in New Zealand, and over time, all the legally owned firearms in New Zealand.

Ben Hobby, Global Vice President, RegTech at Objective said “Our team is deeply aware of the significant outcome this project will generate, which directly aligns with our company mission to drive stronger communities and nations with outstanding digital government software. The harrowing events of 2019 suddenly brought in to focus the need for reform and for an Arms Information System that will assist to underpin continuing freedoms that the people of Aotearoa have enjoyed for generations. We are extremely proud to be partnered with New Zealand Police to make this vision a reality.”

Objective and New Zealand Police have established a delivery partnership and are actively working on developing delivery phases now. This contract was recognised in Objective Corporation’s ARR result reported at 1HY2022, corresponding with the contract start date during that period. Under the terms of the contract, Objective agreed not to disclose the specific customer details at that time.

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