ikeGPS (ASX:IKE) signs deal with tier-1 electric utility customer

• ikeGPS Group (IKE) signs a NZ$900,000 (A$841,000) deal following a separate announcement for a $4 million (A$3.7 million) U.S. communications customer contract
• ike deals with the collecting, managing, and analysing pole and overhead asset information
• The approximate revenue will be fully recognized over the coming 12 months
• At the beginning stage of users and platform usage, the expected ongoing software subscription revenue from the contracted customer will be approximately $200,000 (A$187,000) per annum
• ikeGPS Group (IKE) is up 1.37 per cent to 74 cents

ikeGPS Group (IKE) signs a $900,000 (A$841,840) deal following a separate announcement for a $4 million (A$3.7 million) U.S. communications customer contract.

ike deals with collecting, managing, and analysing pole and overhead asset information.

It is for electric utilities, communications companies, and their engineering service providers.

The company has received approximately $900,000 (A$841,840) for the contract from a new tier-1 electric utility customer.

The approximate revenue will be fully recognized over the coming 12 months.

At the beginning stage of users and platform usage, the expected ongoing software subscription revenue from the contracted customer will be approximately $200,000 (A$187,000) per annum.

The customer is utilizing the ike platform to speed the assessment and engineering of distribution pole assets for network hardening purposes.

ike CEO Glenn Milnes said the company is pleased to add another tier-1 electric utility to its customer base and to be supporting their 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. “

ike will be releasing its Q3 performance update and commentary on February 1.

ikeGPS Group (IKE) was up 1.37 per cent to 74 cents at 10:25 am AEDT.