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Tie Kinetix (Hold): Infor win is significant boost of confidence
The facts: Tie Kinetix has announced that it has been selected by Infor, a US based global provider of ERP software, to help distribute digital content through the Infor partner network via Tie Kinetix' Content Syndication Platform.
Our analysis: The Infor win is a significant boost for Infor. Infor is one of the largest ERP software providers globally (#3 after SAP and Oracle) with over 70,000 customers, 13,000 employees and sales of over USD 2.8bn. That means that there will be a large number of channel/solution and complementary partners as well as system integrators that will connect to Tie Kinetix' content syndication platform for Infor. As a result, we expect the contract value to be material for Tie Kinetix meaning in the EUR 200-300k range for a 2 year period (SNS estimate).
More important than the direct revenue impact is the boost of confidence that Tie Kinetix will receive from the Infor win. Given that the Infor name has been used in the press release, Infor will probably also not mind being named in marketing material. Tie Kinetix can now point to a global software vendor that has opted for its solution, beating US based competition from Zift Solution, Informatica and SharedVue (UBM), all larger companies. That is much more valuable than the direct revenue.
Because of the limited financial impact, we do not change our estimates or rating but if we see, as a result of this win, an acceleration of wins, then we obviously will make adjustments.
Conclusion & Action: The Infor win in the content syndication space is a significant boost of confidence for Tie Kinetix. This is not only because of the direct revenue impact but more because Infor is the 3rd largest ERP software vendor globally with an elaborate network of channel and other partners. Tie Kinetix will have competed with larger US based companies and as such, the win shows that the offering is really competitive. No change in estimates or rating yet.