- 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.
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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.
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