Crimson Tide Share News (TIDE)

Smartphone and tablet apps developer Crimson Tide, has signed a three-year agreement with an unnamed food company, as the firm looks to expand its business worldwide.The company said the deal would guarantee a minimum of £250,000 of contracted margin revenue over the next three years, though the margin could significantly rise above that figure depending on the number of the users."This contract is a landmark for Crimson Tide. It validates mpro5 as a world leading enterprise cross platform mobility solution," said Barrie Whipp, the group executive chairman. "I was particularly pleased that Microsoft introduced the two companies based on Crimson Tide's experience in delivering enterprise mobility in the cloud on Microsoft Azure."Our footprint will expand worldwide and we are very proud to be working with our global client on this project."Crimson said no associated costs are included in the deal, which will be first launched in Australia and is expected to be rolled out to thousands of users worldwide, and the group would not be required to provide mobile devices.David Johnson, analyst at Northland UK said the contract represented a milestone for Crimson. "The win with a large food company is a strong endorsement of the system and there is scope to replicate this success with other food manufacturers," he said in a note on Monday. "The lack of hosting fees and hardware will also mean the revenues are high margin."Crimson shares were up 27.14% to 1.78p at 09:41 on Monday.DC