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Nexbis signs Malaysian contract

Nexbis signs Malaysian contract

Nexbis (ASX:NBS) will start taking in revenue this year from a Malaysian identity management system project, after signing a 12-year deal

Mobile security company Nexbis (ASX:NBS) has revealed it has signed the agreement for its Malaysian national security system project.

The Malaysian ASX-listed company said it now expects to recognize revenue for the project backdated from 1 June.

The 12-year contract covers the provision, support and maintenance of the Nexcode identity management system.

Nexbis now expects total revenue from its current projects to be around $27 million, with an ebitda of $4 million.

Cash flow from the project should also be enough to fund current projects, including a China gas tank marking systems project announced in February, the company said.

Nexbis also hopes to use the project as a demonstration to help win business in other markets.

A border control project incorporating Nexcode in the Maldives has been on hold for a while, in the midst of reported complaints to corruption watchdogs over the circumstances behind the tender, but now appears to be going forward.

NBS shares rose 12.64 per cent on Tuesday to $0.098.

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