IQGeo wins 'significant' new tier 1 telecoms contract
By Josh White
Date: Thursday 03 Sep 2020
(Sharecast News) - IQGeo announced a "significant" new contract for software licenses and services with a large tier 1 telecoms network operator on Thursday.
The AIM-traded firm said the new contract has an overall value of $0.8m (£0.6m), comprising both a software licence subscription to be recognised over the next three years, and certain implementation services to be recognised over the next two years.
It said the new customer operates across more than 25 US states, with 10,000 employees providing high-speed internet, television and phone services to 1.2 million connections in almost 900 rural, suburban, and metropolitan communities.
With an initial deployment of 240 software licenses, it would be using IQGeo's platform and workflow management software to improve construction process efficiency and productivity, to support a major investment in expanding its fibre network infrastructure.
"We are very pleased to announce this excellent new logo with a tier 1 telecoms operator," said chief executive officer Richard Petti.
"It is another great example of the success we are having with our software subscription revenue model in our target market.
"The IQGeo software will be deployed across the construction process, providing a strong ROI and solid foundation for a long-term relationship with this customer."
At 1630 BST, shares in IQGeo Group were up 1.16% at 69.8p.
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