IQGeo announces major contract extension

RNS Number : 3939C

IQGeo Group PLC

19 October 2020

 

IQGeo Group plc

(the "Company" or the "Group")

IQGeo announces major contract extension with large utility network operator in the USA

IQGeo Group plc (AIM: IQG) is pleased to announce a significant contract extension for software licenses and services with a large utility network operator that provides energy and construction services across the USA. This new contract has an overall value of USD 0.6m (GBP 0.5m) comprised of a perpetual software licence, recurring maintenance and support services, and implementation services.

Originally based in the Midwest, the company now operates with as many as 13,000 staff across the USA. As an existing customer, it has been using IQGeo's Inspection & Survey application for gas leak detection in its utility networks. The contract includes the addition of new IQGeo software applications, extends the operational use case to meter surveys and increases the number of divisions deploying IQGeo technology. The customer has also chosen to deploy the new software using a cloud configuration, expanding the depth and breadth of the IQGeo solutions across the company's utility networks.

Richard Petti, CEO at IQGeo, said : "We are very pleased to announce this major contract extension with an important utility customer. Not only does this highlight our successful strategy of growing recurring revenue with existing customers, it also illustrates the strong market demand for our cloud-first software architecture. The new solutions will drive even greater value for our customer, supporting ongoing growth opportunities for the future."

For further information contact:

IQGeo Group plc   [phone]

Richard Petti

Haywood Chapman

finnCap Ltd   [phone]

Henrik Persson, Matthew Radley (Corporate Finance)

Tim Redfern, Richard Chambers (ECM)

Notes to Editors

About IQGeo

IQGeo™ (AIM: IQG), a leading developer of geospatial software, delivers improved productivity and collaboration across enterprise planning, design, construction, maintenance and sales processes for telecoms and utility network operators. Our mobile-first enterprise solutions create and maintain an accurate view of complex network assets that is easily accessible by anyone, wherever and whenever needed. Specialized applications combined with our open IQGeo Platform help network operators create a single source of network truth to meet their digital transformation ambitions and operational KPIs. Our award-winning, cloud-enabled solutions save time and money, and improve safety and productivity, while enhancing customer satisfaction. Headquartered in Cambridge, with offices in Denver, Frankfurt and Tokyo, we work with some of the largest network infrastructure operators in the world. For more information visit: www.iqgeo.com/

 

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