FirstWave Cloud Technology Limited (ASX:FCT) has announced a significant two-year software subscription contract win with Banco Nacional de Obras y Servicios Públicos (Banobras), Mexico’s state-owned national development bank. FirstWave is a global software company formed in 2004. It is a leading provider of enterprise-grade, AI-powered network management, automation, audit, and cybersecurity software. The agreement, secured through a competitive tender process, is valued at USD250,000, equivalent to approximately AUD350,000. This contract is set to commence in April 2026 and will run until March 2028, with Banobras having the option to make payments annually in advance or for the full two-year term upfront.
The solution provided to Banobras encompasses AI Compliance with FirstWave’s Open-AudIT, further leveraging opConfig, NMIS modules, and STM technologies. Crucially for FirstWave, the subscription is delivered purely as software, incurring no incremental cost of delivery and thus generating a 100% gross margin. Banobras, recognised as Mexico’s premier development bank, plays a vital role in financing infrastructure and public services for various levels of government, placing it among the top five Mexican financial institutions by total portfolio.
This contract represents a significant milestone in FirstWave’s strategy for AI-powered compliance management, providing a key public sector reference win. It also marks the first substantial deal secured through its channel partner, OmniPrinter, which is a related company of Grupo Salinas, one of Mexico’s largest corporate conglomerates. FirstWave CEO Danny Maher commented that the Banobras win validates the company’s AI-powered compliance management strategy and the Open-AudIT 6 release. Mr Maher added that Banobras serves as a strong public sector reference in a market prioritising compliance, and the OmniPrinter channel provides a platform for further opportunities in Mexico, including within the wider Grupo Salinas ecosystem.
