Concurrent Technologies wins USD5.3 million US defence design contract

(Alliance News) - Concurrent Technologies PLC on Friday said it has secured a USD5.3 million contract with a major US defence prime contractor, marking its first large-scale design services agreement.

The Colchester, England-based designer and manufacturer of computer products for use in critical embedded applications said the deal covers design services for a new computer product, effective immediately and running through 2026.

It is the first time the customer has outsourced the design of its own product to a third party.

Concurrent said the contract reflects a wider industry trend of defence primes outsourcing hardware development. The product will use the company's expertise in Intel-based computing, combined with customer-specific technology, and is described by the customer as "transformative" in aligning with the US Department of Defence's push for open standards.

Chief Executive Officer Miles Adcock said: "This contract represents a fantastic step for Concurrent into delivering large scale design services, and enables us to strengthen the growth and capability development of our engineering team."

He added the agreement will allow Concurrent to evaluate design services as a potential new business line.

Shares in Concurrent were up 2.3% at 227.00 pence in London on Friday morning.

By Eva Castanedo, Alliance News reporter

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