IKE extends customer contract to >$4m

IKE extends customer contract to >$4m

ikeGPS Group Limited (ASX/NZX:IKE) or IKE, the company setting the standard for collecting, managing and analysing pole and overhead asset information for electric utilities, communications companies and their engineering service providers, is pleased to announce:
- That it has signed an extension to a contract with an existing communications customer supporting fibre infrastructure deployment in the U.S.
- This customer is expected to now generate >$4m of transaction revenue for IKE in the coming 12-18 months. The expected contract value is based on expectations set by the customer, the timing and delivery of this revenue is dependent on the customer’s execution of their infrastructure build.
- This is a contract extension from the same customer announced on 12 October 2021 and is an extension from the $1.6m initially announced.
- This customer is utilizing the IKE platform to accelerate the assessment and engineering of distribution pole assets prior to deploying its fibre network.

IKE CEO Glenn Milnes commented, “The growth across this infrastructure customer demonstrates the value that the IKE platform provides to communications companies, and our ability to expand the use of our platform over time across partners. This specific entity has been a customer for several years, growing from an initial annual account size of tens of thousands of dollars to a multi-million dollar account today. Our broader in-market momentum gives us a high degree of confidence for strong growth this and our next financial year.”

IKE will be releasing its Q3 performance update (for the period to 31 December 2021) on 1 February 2022.

ENDS

We’re IKE, the PoleOS Company. IKE seeks to be the standard for collecting, analysing and managing pole and overhead asset information for electric utilities, communications companies, and their engineering service providers.

The IKE platform allows electric utilities, communications companies, and their engineering service providers to increase speed, quality, and safety for the construction and maintenance of distribution assets.

The revenue engine for IKE is driven by the number of enterprise customers subscribing to the IKE platform and the volume of assets (called Transactions) being processed through the IKE software.

Contact:
Simon Hinsley
Investor Relations
+61-401-809-653
[email protected]

Glenn Milnes
CEO
+1 720-418-1936
[email protected]

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Announcement PDF