Shares in Australian software provider, Identitii (ASX:ID8) rose by 8.3% to A$0.013, recording their largest intraday percentage gain since September 12.

The company announced A$1.0 million in annualised cost savings, which will further extend its financial runway.

Identitii (ASX:ID8) anticipates that this cost-saving measure will result in decreased cash outflows in the upcoming financial quarters.

The savings were realized in areas such as cloud infrastructure, legal expenses, operational costs, and reduced employee count, according to Identitii.

They achieved these savings without affecting their growth objectives.

Despite the day’s gains, the company’s stock is down by 52% this year.

Identitii is an Australian software company that specializes in data management solutions.