IQGeo Group PLC (AIM:IQG) has announced a contract extension with one of its largest North American customers, worth US$2.7 million a year.
The tier one telecoms customer will expand its deployment of IQGeo’s software in a bid to accelerate the rollout of fibre broadband to millions of new customers, the company said.
Set to last two years, on top of a three-year contract agreed in July, the extension has an actual cash value of US$2.7 million per annum and total value of over US$10.0 million.
This will see the customer take on 11 times the number of demand points for IQGeo’s automated planning and design software than was initially agreed in July.
Further licences will also be rolled out to the customer for IQGeo’s software under the new agreement.
“We continue to see very strong investment momentum for fibre deployment projects around the world and IQGeo is recognised as an industry leader,” chief executive Richard Petti commented.
“We are successfully securing new fibre-focused customers, large and small, and growing our footprint within existing accounts as is evident by this exciting new expansion contract.”