Mirada Plc (LON:MIRA), which develops and sells the software used to power digital TV, has won a significant new contract for its Iris multiscreen product.
The customer is NASDAQ-listed ATN International Inc (ATNi), which operates in the US and Caribbean under trade names such as Comnet, Choice and GT&T.
Mirada said it will provide its complete suite of Iris multiscreen products with delivery expected towards the end of the current financial year.
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Revenues are expected to be recurring, including subscriber-based licence fees based on a software as a service (SaaS) model.
The firm gave no firm indication as to the exact scale of the contract. However it said monthly income would likely to be ‘material’.
Lower upfront payments mean the company is putting in place a financing facility to provide the initial working capital for the contract. Discussions in this regard are advanced.
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“We are delighted to announce the latest project for our Iris multiscreen solution, especially for such a prestigious company as ATNi,” said chief executive José Luis Vázquez.
“This contract demonstrates the successful execution of Mirada’s growing pipeline of international opportunities following the deployment of Iris in Mexico and the company’s strategy to increase competitiveness by diversifying revenue streams into deployment models that also include relevant recurrent subscriber-based licence revenues.
“We are also confident that Mirada’s technology will continue to attract the interest of other operators in the near future.”
Contract in detail
Looking in more detail at the contract, Mirada will provide its technology to ATNi-owned operators in the US Virgin Islands, Bermuda, the Cayman Islands and French Guyana.
This will be the most extensive launch of Iris since the commercial debut for izzi Telecom in Mexico and is the result of an increased focus on the firm’s sales and marketing activities, it said.
The contract will provide the business with different revenue streams from recurrent monthly fees to fixed fees for professional services at the start and on an ongoing basis.
“The contract is expected to diversify Mirada’s revenue streams, leading to a greater proportion of recurring revenues and increased revenue visibility,” the company said.
The shares initially spiked to a session high of 1.38p on the news, but in late afternoon trading had turned flat at 1.10p.
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