Veris Limited (ASX: VRS) has announced its appointment as Octave’s authorised Geospatial Distributor across Australia and New Zealand, marking a significant expansion of its digital and spatial services. Veris is a fully integrated digital and spatial data advisory and consulting firm. It provides end-to-end spatial data and digital solutions to tier-1 clients in key Australian industry sectors. Octave is the proposed software spin-off from Hexagon AB, a global leader in measurement technologies. Hexagon intends to list Octave on NASDAQ in the first half of 2026, with Octave expected to generate annual recurring revenues exceeding US$1.1 billion.
Under the agreement, Veris will serve as Octave’s primary local channel partner for geospatial software customers in Australia and New Zealand. Responsibilities will encompass customer engagement, licence management, renewals, and frontline support, with Octave remaining the software owner and licensor. This appointment substantially expands Veris’s existing relationship with Hexagon, transitioning from a services-based engagement to an augmented role that includes software sales, consulting, training support, and direct customer management. Upfront costs for this agreement were deemed immaterial from Veris’s financial perspective.
The agreement aligns strategically with Veris’s Digital & Spatial strategy to cultivate higher-margin, recurring digital and advisory-based software-adjacent revenues, while deepening relationships with government, defence, utilities, and infrastructure clients. Veris anticipates an initial recurring revenue base of approximately $1.2 million per annum, primarily from existing software support and maintenance arrangements. This figure is expected to scale significantly over the medium term through new software sales, renewals, and associated consulting and training opportunities. Michael Shirley, Managing Director and CEO of Veris, noted the agreement strengthens Veris’s role across the geospatial software lifecycle and creates a clear pathway to grow recurring software revenues and expand advisory services.
