Newmark Security (LON:NWT) has landed a US$6mln deal to develop, manufacture and supply its high tech security product to a ‘major’ workforce management firm.
The ten-year contract, won by Newmark’s electronic division Grosvenor Technology, will see the company deliver one of its “next generation terminals”.
In practical terms, Newmark offers advanced IT clocks (clocking-in machines) and a platform to ensure businesses can manage their workforces effectively.
Example apps include attendance recording, shift planning, shop-floor data collection, health and safety briefings and staff training.
Crucially, today’s deal with the unnamed partner guarantees Newmark revenues of US$6mln for the first five years.
Development costs will also be partly funded by the workforce management company.
The deal includes incentives for completion of the development work and availability of the terminal in late 2016.
"We are now delighted to be working with this workforce management partner and the contract is evidence of the technical expertise and professionalism that exists within Grosvenor,” said Marie-Claire Dwek, CEO of Newmark.
Shares in Newmark gained 6% to 3.5p.