LONDON (Alliance News) - Crimson Tide PLC Thursday said it has inked a contract worth over GBP1.7 million across an initial term of four years with an undisclosed large UK retailer.
The retailer will use Crimson Tide's mrpo5 sofware-as-a-service to ensure store safety, cleanliness and security. The software platform will be rolled out to almost 500 stores, Crimson Tide said.
Crimson Tide noted that this is the largest gross revenue contract in its history.
"This landmark contract is the largest in our history in terms of value and means that mpro5 will be present in nearly 500 more locations throughout the UK. The four-year term represents validation of the partnership we have quickly formed with this well-known retailer. The contract represents another cornerstone of our enterprise level agreement strategy, which now represents a substantial element of our contracted revenues for the coming years," said Chairman Barrie Whipp in a statement.
"Following this contract win we are accelerating other expansion plans, both in the UK and overseas," Whipp added.
Shares in Crimson Tide were up 13% at 3.19 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Crimson Tide (TIDE)