While the contracting company can claim under the licence, it might not be able to show the same loss. Until now the only sure answer was to make all potential claimants parties to the contract. Often there were good reasons why this was not desirable or cost effective. For these cases, law and commercial practice developed partial solutions. There are several exceptions to privity - for example, there can be separate 'collateral' contracts with third parties.
Contracting parties can give third parties rights by assignment or use of an agency or trust.
Finally, a third party might have rights in tort. However, none of these provides a complete answer. The new rule The Act allows third parties to enforce rights where this is expressly provided in the contract or can be implied. However, the third party does not become a party - the Act cannot make it subject to obligations. A novation clause would be needed for this.