ikeGPS has announced the signing of two new multi-year software subscription contracts with major U.S. investor-owned electric utilities, with a total initial value of approximately $3 million.
One of the agreements is with the third-largest electric utility in North America.
The company expects these subscription commitments, based on the use of its distribution network design software, to generate an additional $1m per annum of annual recurring revenue.
The contracts will involve over 700 engineers at the electric utility using ikeGPS' Poleforeman software for structural analysis and the design of distribution assets.
IkeGPS said the decision by the Distribution Standards department could lead to the long-term adoption of Poleforeman by additional engineering companies and communications groups working with the power utility.
The two companies combined serve more than 6.5 million U.S. customers.
IkeGPS anticipates further significant subscription contracts to be secured in the near future.
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