Cordel Group PLC (AIM:CRDL) shares were up more than 50% early in the Wednesday session after the transport corridor analytics specialist revealed it has won a contract with US train rail Amtrak worth US$6.7mln.
The UK business will provide fully automated survey and clearance management software.
The deal has an initial 18-month “configuration and reporting phase” followed by a five-year software-as-a-service arrangement. Its artificial intelligence platform, using automated laser scanning, will provide an automated clearance system with assistance from UK partner DGauge.
Cordel, which is listed on AIM, said the technology would help manage and optimise clearance data.
Amtrak operates a 21,000-mile rail network, covering 46 US states, the District of Columbia and three Canadian provinces.
Just before 9.00am, Cordel shares were changing hands for 9.11p, up 2.61p, valuing the business at £15.5mln.