ANZ doubles down on local knowledge management

ANZ Banking Group has re-inked a deal with Melbourne-based enterprise knowledge software start-up Knosys, after the company revealed a new three-year contract extension it says will lift the “potential value” of the bank’s spend with it to $6.5 million over 5 years.

Announced to the ASX on Tuesday, the deal will cover the ANZ upgrading to the company’s KnowledgeIQ product and includes options for two further one year extensions according to its market filing.

Listed on the ASX in September 2015, Knosys markets itself as providing machine learning-powered apps that act as a “single knowledge hub” from which “chatbots, websites, self-service can consume relevant information” to interact with “end customers in a consistent manner".

Since listing, the local software house, which is chaired by former Kennett government treasurer Alan Stockdale, has picked up notable deals at Singtel Optus, Victoria’s Office of Public Prosecutions and New Zealand-based SBS Bank.

In May this year, the company tapped the market for a $4 million capital raising, with Knosys chief executive John Thomson now talking up growth prospects on the back of recent wins.

“The business is now definitely in a growth phase and has moved well beyond its start-up operations of a month ago. We now have good solid customer onboard.”

The company is now looking to “invest in several initiatives” including a “multi-tenant (cloud) version” of its software and an increase in its direct sales force.

The deal with the local developer comes as ANZ continues a program of wider technology reforms, including this week's revelation of a major cyber security overhaul.

In May this year ANZ went public over its ambitious three-year push to go all-flash for its enterprise storage.