Sagtec Global (SAGT) said Thursday it has signed a master dealership agreement with PT Kiwari Asih Solusi to expand its Speed+ Cloud-Based Smart Ordering System into Indonesia.

Financial details weren't disclosed.

Under the agreement Kiwari has agreed to buy at least 10,000 licenses annually, which is projected to result in a minimum of $30 million in revenue over the next five years, the company said.

Shares of Sagtec Global were down more than 3% in recent Thursday trading.

Price: 3.10, Change: -0.10, Percent Change: -3.13