Key Highlights

  • Monvia (ASX:MNV) signed a three-year teaming agreement with Capgemini on 28 October 2026 to jointly target life insurers and Superannuation funds across Australia and New Zealand.
  • Annual Recurring Revenue reached A$14 million at 1 July 2026, up 21% year-on-year, now accounting for half of adjusted revenue and providing a more stable Earnings base.
  • The MetLife cornerstone contract was renewed for five years on improved terms, securing revenue visibility but also highlighting customer concentration risk.
  • FY26 adjusted EBITDA was A$6.9 million, beating the prospectus forecast of A$6.6 million, with adjusted revenue from customers of A$27.7 million.

Monvia is leaning on recurring software revenue from life insurers and, since 28 October 2026, a teaming agreement with Capgemini to reach more of them. The newly listed company has an adjusted profit, a long-term contract with its largest client and a pipeline it says is growing. It also needs to show it can win customers beyond that anchor client.

What Monvia sells

Monvia Limited (ASX:MNV) provides cloud-based software to the Life insurance industry. Its platform covers policy administration, new business, claims management and digital integration for life insurers and reinsurers.

The company is headquartered in Australia, with offices in Sydney, Melbourne and Perth. The ASX classifies it in Information Technology, within Software and Services. It began trading on 24 July 2026.

The first results as a listed company

For the year to 30 June 2026 Monvia reported adjusted revenue from customers of A$27.7 million, adjusted EBITDA of A$6.9 million against a prospectus forecast of A$6.6 million, and adjusted net profit after tax of A$6.5 million.

Adjusted figures exclude items such as pass-through services that have ceased. The statutory result was a loss, which the company attributes to Acquisition and IPO costs, non-cash Fair Value movements and Amortisation of acquired intangibles. It did not state the loss in the release.

Annual recurring revenue was A$14 million at 1 July 2026, up 21 per cent, and now represents half of adjusted revenue. Recurring revenue is generally steadier than project work, so that mix matters.

The anchor client

The release says Monvia renewed its largest client, the MetLife cornerstone contract, for five years on improved terms. That secures revenue visibility, but it also signals concentration, because the customer count was not disclosed.

The initial public offering raised A$17.5 million. By 30 September 2026, A$15.5 million of the A$19.4 million use-of-funds budget had been spent, including only A$0.1 million of A$1.7 million earmarked for sales, Marketing and international expansion.

Pro forma cash at 30 June 2026 was A$11.1 million against pro forma Debt of A$6.0 million. Closing cash at 30 September 2026 was A$8.0 million, up from A$5.6 million. Net Operating Cash Flow was an outflow of A$564,000, or an inflow of about A$1.0 million excluding roughly A$1.6 million of one-off and timing payments. Quarterly receipts from customers were A$7.75 million, and many contracts are billed annually in advance, so quarterly receipts vary.

The A$6.0 million secured Loan from Microequities Asset Management is fully drawn at 12 per cent fixed and matures on 31 August 2027. Management estimates 14.2 quarters of funding at the current operating cash burn, although the loan must be repaid.

Partnerships and product

The Capgemini agreement runs for an initial three years and renews annually. It combines Monvia's platform with Capgemini's consulting and delivery for life insurers and superannuation funds in Australia and New Zealand. No value was disclosed, and commitments arise only when opportunity documents are signed.

Monvia also launched an AI claims summarisation tool as an add-on to its claims modules. It says its pipeline and prospective client numbers both grew in the quarter, though it gave no figures.

What to watch

The Annual General Meeting is virtual, on 5 November 2026 at 3:00pm AEDT, and the company has said it will update on trading there. It says trading is in line with management expectations. Its FY27 priorities include growing ARR and diversifying the revenue base.

Key tests include signing a new major client, converting pipeline into contracts and holding down product development spending, which was A$1.6 million in the quarter, A$1.0 million of it capitalised, and which management expects to fall in the second half of FY27. Concentration, competition from larger insurance software vendors and delivery risk on large implementations are the main risks.

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