Spirent Communications PLC - Crawley, England-based automated test and assurance software and services for devices and networks - Confirms signature of USD15 million contract with a "world leading retail and investment bank" to automate the unnamed financial firm's lab and testing capabilities. Spirent has received USD12 million already, with the rest due in 2024.
To support the deal, Spirent acquires the test lab automation business of NetScout Systems Inc, based in the US state of New Jersey, for a "modest sum". Spirent explains that "manual methods for testing enterprise networks are no longer viable because of the speed and frequency at which increasingly disaggregated networks need to be updated".
"We are delighted to confirm receipt of this important strategic order that provides a proof point of our drive to leverage our world-leading test and automation solutions into a new set of customers, with complex network environments they are struggling to test and validate manually," says Spirent Chief Executive Officer Eric Updyke.
Current stock price: 112.20 pence, up 3.1% in London on Wednesday morning
12-month change: down 60%
By Tom Waite, Alliance News editor
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Spirent (SPT)