Why is ikeGPS (ASX:IKE) in news today

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Why is ikeGPS (ASX:IKE) in news today

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ASX:IKE, IKEGPS Group Limited, technology stocks, share price, IKE news, business deal
Image source: © Edhardream | Megapixl.com

Highlights

  • ikeGPS Group signs a deal with a with tier-1, electric utility customer from North America.
  • IkeGPS is to recognise the contract revenue in 2022.
  • IKE is to release a performance update for Q3, on 1 February 2022.

The New Zealand based measurement solutions company, ikeGPS Group Limited (ASX:IKE) has signed a NZ$0.9 million deal with a tier-1 electric utility customer. The deal marks IKE’s second deal in the week with a North American customer. Earlier this week ikeGPS had inked a deal with a US based communications customer for NZ$4 million.

The stock ended 6.849% strong at AU$0.780 per share today.

What’s in for IKE in its latest electric utility deal?

  • IKE has received around NZ$0.9 million from the new tier-1 electric utility customer from North America.
  • The company is to fully recognise the revenue from this deal in the coming 12 months.
  • ikeGPS expects the ongoing software subscription revenue from the current customer to be around NZ$200k per annum.

What is ikeGPS’s business offering?

  • IKE, via its business helps customers set up standards for collecting, managing and analysing the data from pole and overhead assets.
  • The data collected by electric utilities, communications companies and other engineering service providers can be assessed using ikeGPS’s standards.

More from Technology- Nuix (ASX:NXL) anticipates fall in revenue, share price tumble on ASX

Bottom line-

ikeGPS seems to be getting off sales very quickly since beginning of 2022. The recent contract shall be a good addition to its North American customer base. However, a better perspective of the company’s sales will be visible from its’ Q3 performance update due on 1 February 2022.

Market updates-ASX 200 tumbles at open on weak cues from Wall Street

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