Castleton Technology wins two new contracts worth £1.8m

(ShareCast News) - Castleton Technology, an AIM listed software and managed services provider to the public and not-for-profit sectors, has secured two new contracts for a combined value of £1.8m.The first is a 10-year contract with Ireland's Clúid Housing Association and the second is a five-year deal with Manchester-based Arcon Housing Association.The contracts are the second and third Housing Management system wins since the company's acquisition of Kypera Holdings in January 2016.The deals are part of the company's strategy of producing a leading range of software solutions to the social housing sector, which is expected to grow significantly over the coming years to meet the rise in demand for housing.The contracts also include other products from the group's range of software products, with Clúid being the first customer to take the complete suite of software products.Finance director of Arcon Anne Southern said: "Adopting the Castleton integrated suite of products means we can interact more efficiently with our customers, which will reduce cost and improve our service to them. We look forward to our future partnership with the Castleton team who impressed us from the very beginning with their professionalism and commitment to working with us."Chief executive at Clúid Brian O'Gorman said: "Over the past two years, Clúid has developed a strong working relationship with Castleton, which has resulted in a number of projects being successfully delivered across the business. This success has prompted us to move to the next stage of growth."The share price fell 1.67% to 59p at 1507 GMT on Monday.