Checkit up on contract expansion and first AI contract win

Wed, 12th Jun 2024 14:24

(Alliance News) - Checkit PLC shares rose on Wednesday, after it announced a "significant" expansion with an existing US customer.

Checkit is a Cambridge, England-based workflow management software provider. Its shares were up 5.2% to 24.20 pence each in London on Wednesday afternoon.

Checkit announced a "significant" expansion with Octaphama Plasma in the US. It is worth about GBP718,000 over three years.

Octapharma will be expanding their use of the Checkit platform by integrating tactical temperature monitoring units into their existing monitoring system.

Checkit also said it has signed a contract for the recently launched asset intelligence product module, "which applies advanced analytics and Machine Learning to IoT data which will help enhance customer sustainability, reduce costs, and improve revenue."

Chief Executive Officer Kit Kyte said: "This latest win continues to validate our 'land and expand' strategy and demonstrates continued momentum in the US, a strategic priority for the business. Forward-thinking leaders like Octapharma understand why it's so critical to execute an operational data strategy, and we appreciate their trust and partnership."

By Sophie Rose, Alliance News senior reporter

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