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ikeGPS Group Limited (NZX: IKE) Wins $1.6m Customer Contract Extension

Tuesday 12th October 2021

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ikeGPS Group Limited, the company setting the standard for collecting, managing and analysing pole and overhead asset information for electric utilities, communications companies and their engineering service providers, is pleased to announce:

- That it has signed an extension to a contract with a communications customer supporting fibre infrastructure deployment in mid-west regions of the U.S.

- This follow-on contract will generate approximately $1.6m of transaction revenue in the coming 12 months.

- It is expected that approximately 70% of this contract value will be recognized in IKE’s FY22 (the period ending 31 March 2022) and the additional approximately 30% in IKE’s FY23.

- It is expected that this contract level will recur in subsequent years. It is also expected that further expansion contracts will follow with this entity in IKE’s FY22.

- This customer will utilise the IKE platform to assess pole assets prior to deploying its fibre network.

IKE CEO Glenn Milnes commented, “The expansion across this customer further demonstrates the value that the IKE platform provides to communications groups, and our ability to expand the use of our platform over time across targeted groups. This specific entity has been a customer for several years, growing from an initial annual account size of tens of thousands of dollars to a multi-million dollar per annum account today. The long-term revenue opportunity with this group is substantial.

Today’s announcement follows another $1m contract win announced 5 October 2021, with a separate customer, who is also deploying fibre networks in the U.S. market.

These deals and our broader momentum gives us a high degree of confidence for strong revenue growth this financial year.”

Please see the link below for details

IKE wins $1.6m customer contract extension

Source: ikeGPS Group Limited

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