ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility

Friday 21st January 2022

IKE signs $0.9m deal with tier-1 electric utility

21 January 2022 (all numbers are NZ$ unless stated otherwise)

Deal follows a separate announcement earlier in the week of extending a U.S. communications customer contract to >$4m.

ikeGPS Group Limited (ASX/NZX: IKE ) or IKE, 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 received an approximately $0.9m contract from a new tier-1 North American electric utility customer.

* The approximately $0.9m revenue will be fully recognized over the coming 12 months.

* At this initial level of users and platform usage, the expected ongoing software subscription revenue from this customer will be approximately $200k per annum.

* This customer is utilizing the IKE platform to speed the assessment and engineering of distribution pole assets for network hardening purposes.

IKE CEO Glenn Milnes commented, “We are pleased to add aother tier-1 electric utility to our customer base and to be supporting their important multi-year grid assessment & hardening work. We have performed well over the past few months and have got off to a very fast sales start in 2022. With continuing market tail winds we look forward to strong ongoing growth.”

IKE will be releasing its Q3 performance update and commentary 1 February 2022.

Please see the link below for details

IKE signs $0.9m deal with tier-1 electric utility

Source: ikeGPS Group Limited

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