- Ava Risk Group signs $16.86 million deal for military data network project
- The company already provides secure data services to Shell, Qantas and The US Military
- Ava expects between $0.5 million to $1.5 million revenue by the end of this year
Ava Risk Group jumped 14.3 per cent in the ASX today after announcing a multi-million dollar contract deal.
The risk management and service technology providers secured a whopping $16.86 million deal for a large-scale military data network project. The massive payment will be transferred to the company over the next 14 months.
Ava group currently provides secure data network management to big names such as Qantas, Microsoft, Armani, the Australian Federal Police, Shell, the US Army and the South Australian Government.
Company services include intrusion detection, biometric and card access control and international digital asset logistics
The company anticipates between half-a-million and $1.5 million of revenue will be generated by the end of this financial year due to the deal. A further $16.63 million to $15.4 million is expected by the end of next year.
An extra $4.8 million is also expected to head the company’s way after the base three-year warranty period from a subsequent seven-year spares and maintenance contract.
The company expects the hefty deal to lead to further growth opportunities in the secure data network market.
News of the deal broke when the company’s manufacturing partner SFO Technologies received the commitment earlier today.
Ava Group Chief Executive Scott Basham said “This large-scale deployment of our data network security solution will generate further interest in our cybersecurity solutions and contribute significant earnings in FY2020 and beyond”.
Company shares opened at 14 cents a piece today and spiked at 21.10 cents at midday.
