IKE Secures New Multi-Year Subscription Contracts

IKE Secures New Multi-Year Subscription Contracts With Two Major U.S. Investor-Owned Electric Utilities.

Total initial value of subscriptions contracts closed of ~NZ$3m.

This includes an agreement with the third largest electric utility in North America.

The expectation is that, based on use of IKE’s distribution network design software, these subscription commitments will extend to an additive ~NZ$1m p.a. of ARR.

ikeGPS Group Limited (ASX/NZX:IKE) or IKE, today announces that:

It has won two new multi-year software subscription contracts, initially worth ~NZ$3m.

Specifically:
+ One of these customer commitments means over 700 engineers at this electric utility will use IKE Poleforeman’s advanced capabilities for structural analysis and the design of distribution assets, to meet grid resiliency and network capacity targets over the coming decades.
+ An expected consequence of these Distribution Standards department decisions is that additional engineering companies and communications groups, working across these power utility’s networks, will also adopt IKE PoleForeman long term.
+ Overall, these two companies deliver power to more than 6.5m U.S. customers.

IKE expects that further significant subscription contracts will close in the short and medium term.


ENDS

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Announcement PDF