Blackpearl Group signs binding US revenue share agreement
Blackpearl Group (NZX/ASX:BPG) has signed a revenue share agreement with a leading US provider of B2B buyer signal data, formalising its US data partnership.
The deal converts the non-binding heads of agreement first announced in the Q2 FY27 trading update into a binding agreement. For investors, it moves a previously flagged opportunity from intention to contract.
Key highlights from the 29 October 2026 announcement:
- Binding agreement: the US distribution partnership is now a signed revenue share agreement
- Referral model: the partner refers US SME businesses outside its own customer profile to Blackpearl
- Customer ownership: Blackpearl owns the customer relationship
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How the referral model works
Who the partner is and what it refers
The partner is a private equity-held company serving a large enterprise customer profile, including Fortune 500 companies, across the United States.
It refers US SME businesses outside that profile to Blackpearl.
Why the structure favours Blackpearl
Referred customers contract directly with Blackpearl for data and platform as a service under a revenue share. Blackpearl owns the customer relationship.
Because the partner originates each relationship, there is no upfront customer acquisition cost for Blackpearl.
A partner-sourced channel adds to an already efficient go-to-market engine, with Blackpearl having reported a 3.5-month CAC payback in Q4 FY26, a 33% year-on-year improvement.
| Feature | What the agreement states | Investor relevance |
|---|---|---|
| Referral source | The partner refers US SME businesses outside its own customer profile | The partner originates each relationship |
| Customer relationship | Referred customers contract directly with Blackpearl under a revenue share | Blackpearl owns the customer relationship |
| Acquisition cost | The partner originates each relationship | No upfront customer acquisition cost for Blackpearl |
Nick Lissette, CEO
“This partnership is a strong endorsement of our data and platform strategy… Partnering with a leading US data provider gives us a direct route to that demand and builds on our momentum in the US market.”
What Data-as-a-Service and Platform-as-a-Service mean for investors
Data-as-a-Service (DaaS) refers to selling data intelligence to customers. Platform-as-a-Service (PaaS) allows other companies’ products and revenue systems to run on a provider’s platform.
The agreement validates the Group’s DaaS and PaaS strategy, where Blackpearl’s data intelligence powers other companies’ products and revenue systems.
Blackpearl is powered by the Pearl Engine, a proprietary AI platform processing over 32 billion buyer signals daily. The Group operates three ventures: Pearl Diver, B2B Rocket and Bebop.
The proprietary engine behind the data offering also underpinned record FY26 ARR growth of 114%, with zero DaaS churn and a fixed-cost data supply model that supports expanding gross margins as volumes rise.
Founded in 2012, Blackpearl is headquartered in Wellington, New Zealand, with offices in Phoenix, Arizona, and is dual-listed on the NZX and ASX.
What happens next for Blackpearl’s US build-out
Two items follow from the agreement:
- Revenue build: revenue from the agreement will build as referred customers are contracted.
- Market updates: the Group will update the market on this progress through its quarterly updates.
For investors, the agreement represents a signed, low-acquisition-cost channel into the US SME market that builds on the Group’s momentum in the US market.
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