With its $2M debt burden fully paid down and significant cost cutting initiatives completed, Turnium has signed multi-year contracts with new customers, improving overall revenue and Monthly Recurring Revenue (MRR) heading into 2024
September 28, 2023 – Vancouver, Canada – Turnium Technology Group Inc. (TSXV: TTGI; FSE: E48) (“Turnium” or “the Company”), announces that it has signed a 5-year OEM licensing agreement with a large technology group and service provider in South-East Asia. The new 5-Year OEM licensing agreement with the South-East Asian service provider, signed on July 18, 2023, will activate across Indonesia initially.
Turnium will capture a major business market where the Service Provider intends to expand their Enterprise and Government offerings to deliver reliability, better bandwidth, and failover with secure connectivity to multiple mission critical sites. This new licensing agreement further confirms that Turnium’s solution is Government and Enterprise grade, which is being actively sold in similar customer market segments worldwide.
Turnium continues to gain momentum and capture market share, with this news release coming fresh off of the September 12th announcement where Turnium contracted with UK-based SDWAN & SASE Solutions. This 3-year contract, signed on May 23, 2023, has the potential to increase revenue by $24M over the next two years, on a $2M in monthly recurring revenue (MRR) basis with gross margins greater than 80%.
“We continue to find success in the Asia Pacific region, as our partners look for cost-effective connectivity solutions for their Enterprise and Government customers,” said Derek Spratt, Chief Executive Officer at Turnium. “As our global partner network (Comms365, Damen IT Groep, Metro Lightspeed, SDWAN & SASE Solutions), continues to expand, we are seeing rapid revenue growth, giving us a clear near-term pathway to positive cash flow, and we expect FY2024 revenue growth close to the overall market along with double-digit EBITDA margins.”
The SD-WAN market is expected to increase at a 31.6% CAGR from US$3.4B in 2022 to US$54B in 2032, according to Future Market Insights Inc. Turnium’s Global Partnership Program continues to add fresh growth opportunities that are translating into major contract agreements and wins, as announced on August 24th in the new Go-To-Market AI and Smart Connectivity Solutions. With a refreshed offering, major new customers being onboarded, and the removal of a $2M debt burden, the Company is focused on growth and contract fulfilment, as well as the potential merger with ActivePort (ASX: ATV) – the indicative terms of the non-binding LOI were originally announced on April 3, and May 5, 2023.
About Turnium Technology Group, Inc.
Turnium Technology Group, Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offers are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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