LONDON (Alliance News) - First Derivatives PLC on Thursday said it has signed a memorandum of understanding with meter data management and analytics company Utilismart Corp which will lead to First Derivatives supplying Utilismart with its Kx technology.
The company, which provides software and consulting services, said Utilismart will use its Kx technology to enhance its own suite of smart grid software applications to support the management of Utilismart's customers' meter and sensor data.
The technology will allow Utilismart's software applications to manage data collection and for processing analytic services for engineering, operations, customer service, metering and billing.
Under the deal, First Derivatives will supply the Kx technology and related infrastructure to Utilimsart as a cloud-based solution and is expected to be installed by the third quarter of 2016. First Derivatives will be remunerated on a monthly recurring revenue share basis for additional meters installed.
"Utilismart selected the Kx-based solution following detailed evaluation of competing solutions and their ability to capture, store and manipulate big fast data sets. When implemented, the system will provide a significant installed user base for the Group's sensor data platform," said the company.
First Derivatives shares were up 0.6% to 1,575.00 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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