Contract wins for IQGeo and Comsof software

RNS Number : 9531B

IQGeo Group PLC

06 October 2022

 

RNS Reach

IQGeo Group plc

(the "Company" or the "Group")

Contract wins for IQGeo and Comsof software

IQGeo (AIM: IQG), a developer of geospatial software that is "Building better networks" for telecom and utility operators, is pleased to announce the following contract wins, which form part of the expected pipeline for this financial year. A major Dutch utility has selected the IQGeo geospatial software to provide office and field access to its gas and electric network information. The solution gives field crews a single shared network view to access, interrogate, and update network information. The overall software contract, which was a competitive process through a public tender, is worth €2.6m as a subscription over 6 years plus an initial order of c.€0.5 million for services.

In addition, IQGeo is pleased to announce contracts with two top-10 US based fibre network operators, the first worth US $2.8 million over 3 years for the use of the Comsof automated fibre planning software and the second for an initial one-year contract worth $0.6 million.  The first contract constitutes the first €1.5 million tranche of the Earn-Out Consideration for Comsof which was acquired on 12^th August this year.

Richard Petti, CEO, commented that "These significant contract wins are further testament to the strength of our offering in the telecom and utility markets.  The contact with a Dutch utility for IQGeo software is a major milestone in the development of our European operation which prior to the acquisition of Comsof, has been our smallest region in terms of revenue. This will hopefully lead to further success in the region either directly or through our partner network. The Comsof wins, one of which is the largest in Comsof's history, so soon after the acquisition, is fantastic news and helps validate our view that the market for the Comsof automated fibre planning software is growing rapidly on the wave of long-term infrastructure investments in fibre rollout."

For further information contact:

IQGeo Group plc                                                        [phone]

Richard Petti

Haywood Chapman

finnCap Ltd  [phone]

Henrik Persson, Seamus Fricker (Corporate Finance)

Tim Redfern, Charlotte Sutcliffe (ECM)

Notes to Editors

About IQGeo

Telecommunications and utility operators are "Building better networks" with IQGeo's award-winning software solutions. The ability to powerfully model any network requirement, integrate every system and data source, and support field and office teams with continual innovation is helping operators create the networks of the future. Our solutions ensure greater cross-team collaboration and process efficiency throughout the network lifecycle, from planning and design to construction, operations, and sales.

Whether it's highly competitive fiber and 5G broadband rollouts or complex utility grid modernization projects, IQGeo's enterprise solutions, our OSPInsight fiber design software, and our Comsof automated planning software are proven industry leaders. We partner with large multinationals and smaller regional operators to deliver the digital innovation they need to increase network resilience, operational safety, and business ROI.

Headquartered in Cambridge, with offices in Denver, Ghent, Toronto, Frankfurt and Tokyo, we work with some of the largest network infrastructure operators in the world. For more information visit:  www.iqgeo.com/

Copyright © 2022, IQGeo UK Limited. IQGeo is a registered ® trademark

 

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