IkeGPS secures NZ$3.7m contract with major US utility

IkeGPS has announced a long-term subscription contract with a Fortune 150 company and one of the ten largest investor-owned utilities in the US.

The contract, worth approximately NZ$3.7 million, involves upgrading the customer to Ike's next-generation PoleForeman software.

Over the next five years, more than 1,000 engineers at the utility will use Ike PoleForeman.

This upsell represents a significant increase in annual recurring revenue, with the customer's subscription revenue growing more than tenfold from NZ$70,000 to NZ$700,000.

The utility will be using Ike PoleForeman for structural analysis and the design of distribution assets.

Ike's CEO, Glenn Milnes, expressed that the adoption of PoleForeman by this key client demonstrates the platform's value and capabilities and sets a precedent for further adoption across their customer network.

Ike is now focused on transitioning its existing customer base to the new platform and has strategic sales initiatives in place to target additional subscription revenue.