(Alliance News) - 1Spatial PLC on Tuesday said it has signed a five year contract with a "major European aerospace company" for its 1Telecomms solution.
The Cambridge, England-based IT service management company said that the contract is for software licenses, implementation and subsequent annual recurring software and managed services.
The total value of the contract over the five-year period is around EUR3 million, including EUR700,000 for implementation services and around EUR600,000 per year for software licence and managed services, beginning in financial year 2024.
The company added that the contract is its "first major win" for its 1Telecomms solution, which was launched in 2021. "1Telecomms is a telecommunications asset management software system for the effective management of fibre optic and telecommunications networks", 1Spatial said.
1Spatial Chief Executive Officer Claire Milverton said: "We are delighted to have won this contract from a major commercial organisation, supporting our land and expand strategy in Europe. This award validates the world-leading nature of our innovative technology, and we expect many further opportunities from our recently launched 1Telecomms solution combined with our patented 1Integrate offering."
Shares in 1Spatial were up 2.1% to 48.00 pence each in London on Tuesday, around midday.
By Sophie Rose; sophierose@alliancenews.com
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1Spatial Holdings (SPA)