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IQGeo Group lands major contract extension

“The new solutions will drive even greater value for our customer, supporting ongoing growth opportunities for the future"

IQGeo Group Plc - IQGeo Group lands major contract extension

IQGeo Group Plc (LON:IQG) has secured a major contract extension with a large utility network operator in the USA.

The company will continue to provide the client with software licenses and services. It has been using IQGeo's Inspection & Survey application for gas leak detection in its utility networks. 

READ: IQGeo order book and recurring revenues grow

The new contract also includes meter surveys and increases the number of divisions deploying IQGeo technology. The value is anticipated at US$600,000.

"We are very pleased to announce this major contract extension with an important utility customer,” said IQGeo chief executive Richard Petti in a statement.

“Not only does this highlight our successful strategy of growing recurring revenue with existing customers, it also illustrates the strong market demand for our cloud-first software architecture.

The new solutions will drive even greater value for our customer, supporting ongoing growth opportunities for the future," he added.

Quick facts: IQGeo Group Plc

Price: 78 GBX

AIM:IQG
Market: AIM
Market Cap: £38.68 m
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on 14/9/20

2 min read