IQGeo rises on new software contract with Canadian telecoms network

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IQGeo Group Plc (LON:IQG) said it has secured a “significant new contract” for software and services with a tier one Canadian telecoms network operator.

The AIM-listed firm said the new contract carries an order value of £1.2mln for software licence subscriptions and implementation services to be recognised over three years, adding that the new customer has selected its geospatial Platform and Workflow Manager software to “rapidly capture and visualise the status of projects, service tickets and critical network assets for office staff and remote field crews”.

READ: IQGeo raises funds as it targets OSPInsight International Inc acquisition

“This new customer win is another great example of how the measurable [return on investment] and operational benefits of our geospatial software resonates with major tier 1 telecoms operators. We provide value across their entire network lifecycle from the rollout of new fibre networks, management of existing [hybrid fibre-coaxial] infrastructure to long-term maintenance and disaster response”, IQGeo chief executive Richard Petti said in a statement.

“We are very pleased to see this large network operator join our growing list of customers and we look forward to the initial deployment and the planned rollout of field and office users across their enterprise over the next three years”, he added.

In a note on Tuesday, analysts at house broker finnCap said the contract win was “very encouraging news” and indicated that IQGeo “can beat the best in the market”.

The broker also said the deal will “smooth out the revenue flows and should see a steady, reliable revenue scale-up” for the company and retained their 110p target price on the stock.

IQGeo’s shares climbed 2.4% to 84p in early trading.

–Adds broker comment and share price–

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