(Sharecast News) - Software and solutions outfit 1Spatial has secured a five-year contract with the University of Maryland's Advanced Transportation Technology Laboratory.
1Spatial said on Monday that its flagship rules engine, 1Integrate, had been selected to support the automation and conflation of traffic data for the US Federal Highways Administration.
The AIM-listed group stated the contract had an initial value of around $600,000, which will be recognised over the five-year period, adding to its annual recurring revenue.
Chief executive Claire Milverton said: "We are excited to be partnering with CATT Lab to support the improvement of many of the US' key roadways. By using our 1Integrate software, which automates the process of validating and combining data, the Federal Highways Administration can be assured that its National Data Set will be accurate and reliable.
"This win is a further demonstration of the breadth and quality of our world-class offering and the progress we continue to make in the US. We look forward to working with such world-class performance management players."
As of 0940 BST, 1Spatial shares were up 3.63% at 49.74p.
Reporting by Iain Gilbert at Sharecast.com
1Spatial Holdings (SPA)