IQGeo Group PLC (AIM:IQG) shares rose on Thursday as the developer of geospatial productivity and collaboration software for the telecoms and utility industries announced the extension of its existing relationship with a Global Top 5 telecom operator.
The follow-on contract for IQGeo's integrated Project and Construction Management (IPCM) software is in line with expectations, is co-termed with the original 3-year deal and has a further software subscription value of US$4.2mln (US$1.5mln ACV) and US$0.5mln of services.
This follow on contract demonstrates the expansion and upsell opportunities afforded by the integrated software suite. The IPCM software will streamline processes associated with the build-out of fibre networks that were planned using IQGeo's fibre network planning and design software.
The IQGeo IPCM software seamlessly complements the fiber planning and mobile software previously sold and will play a key role in one of the largest FTTx and 5G build-outs in the US, supporting millions of new customers in communities across the country. This fully integrated digital solution will streamline processes to alleviate inefficient resource bottlenecks and data silos by providing a common planning, design and field walkout platform for internal staff and external contractors.
In a statement, Richard Petti, IQGeo CEO, commented: "We are extremely pleased to be expanding our relationship with this strategic US-based customer. We will begin with a production deployment in selected areas with a view to a nationwide rollout in subsequent phases.
"This expansion continues the trend of Tier 1 operators purchasing new business systems to design, build and operate their next-generation communications networks and this partnership demonstrates the important role that IQGeo is playing in the global effort to bring fibre broadband and mobile communications to communities worldwide."
In early morning trading, IQGeo shares were 0.5% higher at 213p.
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