1Spatial Holdings Share News (SPA)

(Sharecast News) - Location data software firm 1Spatial has signed a multi-year contract with the State of Michigan valued at $2.6m.
1Spatial said on Friday that the five-year extension built upon the pair's existing relationship, which began in 2018, and will see the State expand its use of 1Integrate, the group's data management solution, and combine it with its newly launched 1Data Gateway portal to provide an "easy to use, automated data submission process" for the validation and integration of spatial data from a local level up to the State.

The contract comprises approximately $1.5m of services, to be delivered in the first two years of the contract, and $1.1m of software licences, to be recognised over the five years.

Chief executive Claire Milverton said: "This is a significant extension of our existing relationship with the State of Michigan, which will see our 1Data Gateway portal in use across hundreds of organisations, enabling the State to unlock further value from their location data.

"The contract adds to our revenue visibility and underlines the size of the addressable market for our Location Master Data Management offering."

As of 0925 BST, 1Spatial shares had shot up 10.67% to 24.90p.