- Platform technology company for poles ikeGPS Group (IKE) secures a contract extension with an existing communications customer supporting fibre infrastructure deployment in the US
- The customer is expected to generate more than $4 million in transaction revenue for ikeGPS in the coming 12 to 18 months
- The customer is utilising the IKE platform to accelerate the assessment and engineering of distribution pole assets prior to deploying its fibre network
- ikeGPS says it will release its Q3 performance update on February 1
- Shares in IKE were up 10.3 per cent, trading at 75 cents
Platform technology company for poles ikeGPS Group (IKE) has signed a contract extension with an existing communications customer supporting its fibre infrastructure deployment in the United States.
The company said it expected to generate more than $4 million in transaction revenue from the customer in the coming 12 to 18 months.
Timing and delivery of the revenue would be dependent on the customer’s execution of its infrastructure build, ikeGPS said.
The new contract was an extension of an earlier $1.6 million extension deal with the same customer announced in October last year.
ikeGPS said the customer was utilising the IKE platform to accelerate the assessment and engineering of distribution pole assets prior to deploying its fibre network.
CEO Glenn Milnes said the infrastructure customer’s growth “demonstrates” the value the IKE platform provides and ikeGPS’s ability to expand the use of its platform.
“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 multimillion-dollar account today,” he said.
“Our broader in-market momentum gives us a high degree of confidence for strong growth this and our next financial year.”
The company said its Q3 performance update was due to be released to the market on February 1.
IKE shares closed today’s session on the bourse 17.7 per cent higher at 80 cents.