IkeGPS secures five-year deal with major US utility

IkeGPS has secured a five-year agreement with the second largest electric utility group in North America, which is expected to generate approximately NZ$2 million in total subscription revenue.

The deal, which involves the upgrade to IkeGPS's new PoleForeman structural analysis platform, will also result in an annual recurring revenue increase of more than ten-fold from this customer.

The initial purchase order for the first year of the agreement is valued at around NZ$0.4m.

This electric utility serves about eight million customers in the southern US region, and the agreement will see over 650 engineers at the utility using IkeGPS PoleForeman's advanced capabilities.

IkeGPS said it anticipates winning further significant contracts with tier-1 customers in the short and medium term.