It will provide the entire ticketing system for the Wenzhou Dolphin Bay Water Park, China’s largest water park
Galasys (LON: GLS) has landed its first theme park IT outsourcing (TiTo) contract since floating on AIM last month.
It will provide the entire ticketing system for the Wenzhou Dolphin Bay Water Park, China’s largest water park.
Implementation will be completed within three months and this phase of the project has a total value of £88,000.
Instead of taking a project fee as has traditionally been the case, the group will earn a share of revenues from “certain allocated tickets”.
As a result Galasys reckons the contract will net substantially higher income that might have been the case if it had simply charged a flat fee.
Chief executive Sean Seah said: “We are pleased to announce that we have secured our fourth TiTo contract in China whereby payment for the provision of ticketing IT software and hardware to Wenzhou Water Park will be tied to the sales of the tickets under a revenue share model.
“This is another step in our plan to transform our current project based business and revenue model and to correlate our revenue more directly to the number of visitors to our theme-park customers.”
(Source: http://www.proactiveinvestors.co.uk/companies/news/69554/galasys-lands-first-theme-park-it-outsourcing-contract-69554.html, 18 June 2014)
