It has been 8 months since we signed the 10-year commercial agreement with PICA. Since then Urbanise has implemented the Urbanise strata platform in the PICA Group Tuggerah branch of over 4,500 units, plus one of their buildings in Jacksons Landing in Sydney. We expect to start migrating the remainder of the portfolio towards the end of Q1 2018.
The PICA and UBN project teams have finalised the planning for the migration of over 11,000 buildings, 200,000 units and literally millions of lines of data and financial transactions. We have also finalised all the design and technical documentation for the integration of the Urbanise platform to over 15 applications including banks, insurance companies, taxation agents, external mail-houses, Alfresco, Intellidox, Salesforce and Finance One.
Both PICA and UBN agreed in July to extend some of the functionality in Urbanise’s new strata platform. These changes include more sophisticated functionality around Accounts Payable, additional reporting capabilities plus other exciting features that will soon be available to our global client base. Due to this extension in scope, the original estimate of going live with the majority of the portfolio in Q4 2017 has now been pushed out to late Q1 or early Q2 2018. Both parties have agreed on some revised commercial terms. These terms see Urbanise continue to receive a monthly project fee and over AUD $375,000 in license fees which will be invoiced before the end of the 2017/2018 financial year.