IQGeo customer signs USD1.2 million in contracts

RNS Number : 7042T

IQGeo Group PLC

18 November 2019

 

IQGeo Group plc

("IQGeo", the "Company" or the "Group")

IQGeo customer signs over USD1.2 million in contracts to expand software deployment

Cambridge, 18 November 2019 - IQGeo Group plc (AIM: IQG) today announces two new contracts worth in excess of USD1.2 million with an existing customer, increasing the number of its licensed users and purchasing IQGeo's field data capture product.

The customer is a regulated electric and natural gas utility, based in the USA serving over 700,000 electric and natural gas customers, covering an area of more than 600 square miles.

The customer signed two new contracts totalling over USD1.2 million, building on the initial deployment of IQGeo's geospatial platform in 2017. The first order covers licences for IQGeo's geospatial software together with recurring maintenance and support (M&S) and the second order is for professional services. The new software contract increases the number of licensed users and expands the customer's mobile capability by adding IQGeo's Capture product.

Richard Petti, CEO at IQGeo, said: "We are very pleased with this significant customer expansion. This is a great example of the usage expansion pattern we're seeing across our telecoms and utility customers. Following initial deployments, network infrastructure providers soon recognise the benefits of our mobile-first architecture and increase both the number of user licences and the range of use cases our products can solve. By sitting along the entire lifecycle of our customer's infrastructure we are building strategic relationships that result in multi-year system expansions. Taken across our entire customer footprint we are seeing this build real momentum for our business."

For further information contact:

IQGeo Group plc                                                                                          [phone]

Richard Petti

Tim Gingell

finnCap Ltd                                                                                                 [phone]

Henrik Persson, Anthony Adams (Corporate Finance)

Tim Redfern, Richard Chambers (ECM)

Tulchan Communications LLP                                                                   [phone]

James Macey White, Matt Low, Deborah Roney

Notes to Editors

About IQGeo

IQGeo™ (AIM: IQG) a leading developer of geospatial software for the telecoms and utility industries, accelerating productivity and collaboration across enterprise planning, design, construction and maintenance processes. Our reality-centric solutions create and maintain a real-time, accurate view of complex network assets, dramatically improving data quality and currency.  IQGeo's open, mobile-first architecture streamlines operational processes using any device, in the office or in the field, enabling greater business collaboration. We help network operators meet their digital transformation ambitions, saving time and money, while improving safety and 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:

https://www.iqgeo.com/

 

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