The Jumbo Interactive Ltd (ASX: JIN) share price is pushing notably higher on Thursday.
In afternoon trade the online lottery ticket seller's shares are up 2.5% to $19.47.
Why is the Jumbo share price charging higher?
As well as getting a lift with the rest of the market following an improvement in investor sentiment, an announcement this afternoon has given its shares a boost.
That announcement reveals that Jumbo has entered into a new Software as a Service (SaaS) five-year licence agreement.
The agreement is with leading Australian charity lottery operator Deaf Services for the use of its Jumbo Lottery Platform. It can be extended to 10 years subject to performance criteria being met.
Under the agreement, which is in addition to the existing product reseller agreement, Deaf Services will utilise a personalised version of the configurable Jumbo Lottery Platform to manage its entire lottery sales.
$1 billion by 2020.
CEO and founder, Mike Veverka, explained: "The Powered By Jumbo business is going from strength to strength with a third leading charity lottery operator choosing Jumbo and demonstrating the scalability of the business. This is another step towards our '$1 billion vision' of $1 billion of lottery tickets sold over our platform by 2022."
"We are excited to welcome Deaf Services, joining Mater Foundation and Endeavour Foundation, to take advantage of the benefits that the Jumbo Lottery Platform provides. With three leading charities on board it provides greater critical mass and input towards further developing the platform to specifically meet charities platform requirements as we expand the business both domestically and internationally," he added.
Management believes the agreement demonstrates the strong development of its Powered By Jumbo initiative. It also builds on the ongoing investment made enhancing its technical capabilities.
Also pushing higher in the tech sector on Thursday is the Afterpay Limited (ASX: APT) share price. The payments company's shares stormed higher today after providing another positive sales update.
