Actual Experience PLC (AIM:ACT) shares climbed 4.7% higher to 1.13p on Tuesday morning after the analytics-as-a-service company won a “significant” contract from a UK central government department.
In conjunction with partner Vodafone Group PLC (LSE:VOD), the AIM-listed company has secured the first contract for its newly launched Digital Workplace Management Platform (DWMP).
The unnamed government department has been a long-standing user of Actual's legacy offering and is transitioning to the new DWMP as part of the early commercial launch process, the company said.
The value of the renewed two-year contract has initially been set at a similar level to previous years and represents a software-as-a-service (SaaS) revenue stream of approximately £230,000 a year, it added.
The DWMP will enable the government department to measure its employees' human experience (HX) in an increasingly complex, hybrid working environment.
"We are delighted to announce our first DWMP contract win, which is a significant milestone for Actual and has been achieved with our partner Vodafone,” said Steve Bennetts, Actual Experience’s interim CEO and chief financial officer, in a statement.
“The department has indicated that they will shortly be able to give Actual permission to provide further details regarding this project and we look forward to announcing this soon.
"Our focus remains on expanding our prospect pipeline and, as noted in our recently issued annual report, we expect to be able to announce further sales orders in the coming months," Bennetts added.