ikeGPS Secures Major U.S. Utility Contracts Worth NZ$3 Million

An update from ikeGPS Group Ltd ( (AU:IKE) ) is now available.

ikeGPS Group Ltd has secured two significant multi-year software subscription contracts with major U.S. investor-owned electric utilities, initially valued at approximately NZ$3 million. One of these contracts involves the third largest electric utility in North America, where over 700 engineers will utilize IKE’s Poleforeman software for structural analysis and distribution asset design. This development is expected to lead to further adoption of IKE’s software by additional engineering and communications groups, potentially increasing annual recurring revenue by NZ$1 million. The contracts position IKE to expand its market presence, serving utilities that deliver power to over 6.5 million U.S. customers, and anticipate further subscription growth in the near future.

More about ikeGPS Group Ltd

ikeGPS Group Ltd, known as IKE, operates in the electric utilities and communications industry, focusing on the collection, analysis, and management of pole and overhead asset information. The company’s platform enhances speed, quality, and safety in the construction and maintenance of distribution assets, generating revenue through enterprise subscriptions and asset processing transactions.

YTD Price Performance: 37.86%

Average Trading Volume: 51,547

Technical Sentiment Consensus Rating: Sell

Current Market Cap: A$113.1M

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