This deal was originally supposed to be signed in the summer of 2020, but with COVID impacting my industry, it had to wait. June 1st I got the agreement signed.
With levels of activity set to return to "normal" over the next 20 months, it was the perfect deal to push now. We get a 3 year commit starting 2022, plus a signed deal, today, so the work is DONE. It's not as big as other deals due to some heavy front end discounting, but to their benefit - the volume just isn't there to make it work any other way. It's a complete shot in the dark, but my gut analysis thinks this could pave the way to bring their parent company on board, who has much deeper pockets. So I will grow our relationship with the sister company, while getting inroads into the mothership.
My plan is to turn this into a $5m deal with the parent company over the next business cycle (5 years, but it's worth it). I have a method to the heavy discounting madness.
Once travel returns, and I can take regular visits to their office/parent company office, the plan is to water this deal like a potted plant, until it's time to harvest the money leaves.