1Spatial Holdings Share News (SPA)

(Sharecast News) - Software and solutions provider 1Spatial said on Wednesday that has inked a "significant" $1.4m contract with the US Forest Service.

1Spatial said contract marks its expansion into another "key federal department", the Department of Agriculture, with the initial five-year contract valued at approximately $1.4m and being expected to generate annual recurring revenue of approximately $300,000.

The AIM-listed group highlighted that there was also potential for future expansion, with the USFS responsible for managing 193.0m acres of national forests and grasslands.

Chief executive Claire Milverton, said: "We are proud to announce that we have been selected by the US Forest Service to improve their data governance. This significant contract marks a major milestone for our company, as it represents our first engagement with this federal agency.

"Our patented rules engine, 1Integrate, combined with our innovative 1Data Gateway for ArcGIS Pro, offers a tailored solution to meet the USFS's specific data management needs. We are confident in our ability to improve data accuracy, expedite processing, and ultimately support the agency's mission of protecting and managing America's forests and grasslands."

As of 1350 BST, 1Spatial shares were up 6.73% at 58.70p.

Reporting by Iain Gilbert at Sharecast.com