Pelatro PLC (LON:PTRO) saw its shares surge 5.3% to 59.5p in early deals on the back of an agreement with a large Asian telecoms company (telco).
The software company, which focuses on the telecoms sector, said the unnamed telco group has entered into a framework agreement with Pelatro for three years.
Under this group purchasing arrangement, the operating companies in the various jurisdictions can be serviced by Pelatro under one agreement. The agreement will more deeply embed Pelatro into the telco’s operations and help to ensure an even closer working relationship with them, the AIM-listed company said.
"With this framework agreement, we are further cementing our relationship with this telco group for the next three years. We will be able to sell many new products and services to them during this period and change requests, which have been repeating in nature, will become recurring revenues," said Subah Menon, the managing director and chief executive officer of Pelatro.