IQGeo Group PLC (AIM:IQG) said it has won a US$3 million contract with a major US multi-utility via a competitive tender process.
The five-year contract involves mobilising field crew workflows across electric and gas operations for a company with over five million customers across eight states, it added.
Estimated at a total value of roughly US$3 million, the project will involve IQGeo supplying software licences with ongoing maintenance and support, and professional services over the period.
"This project win perfectly illustrates the flexibility of our software architecture and the potential of the utility industry for our business,” said Richard Petti, chief executive of the AIM-listed software company.
“Electric grid and gas network field operations are complex and multi-disciplined, and our software is dramatically improving process efficiency across network construction and operations.”
Because utilities are having to redesign networks to meet net zero carbon objective, he said the contract win comes as the beginning of a major investment phase for the industry, with this win coming just a few months after clinching another pair of US utility clients.
“I expect this investment to parallel the growth cycle we saw in the telecom industry in previous years with a strong trajectory for the next decade, and IQGeo is well positioned to benefit from this large capex cycle," he said.