Ike shares climb 10% after signing up two large customers

Friday 10th May 2019

IkeGPS shares climbed 10 percent after it said two major US telecommunications providers have signed up for the utilities measurement specialist's Ike Analyze service.

It describes Connecticut-based Charter Communications as the largest cable TV company in the US. Crown Castle is the largest provider of shared communications infrastructure, including fibre, towers and cell sites, in the US.

The shares rose 5 cents to 55 cents, paring back their decline this year to 21 percent.

“These important customer wins are another step towards our goal to have Ike Analyze become the standard workflow and data standard for aerial-make-ready engineering for communications & fibre network deployments,” Ike chief executive Glenn Milnes said in a statement to NZX.

Wellington-based Ike uses GPS technology in its software and field equipment to measure and record pole and line data and make it easier for power and telecommunications firms to build and manage their networks.

In March, the company said it would miss its goal of breaking-even in the March-quarter after one large potential contract wasn’t inked within the period as expected.

Milnes said the new contracts, as is typical with new customers, will initially have a regional focus. But, as had been the case with customer AT&T, they provide the potential for expansion across national network footprints, he said.

“These businesses are of extremely large scale and the long-term revenue opportunity from IKE Analyze transactions and software subscriptions is significant.”

(BusinessDesk)

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