(Alliance News) - IQGeo Group PLC on Thursday said it is working with partner NESIC to expand the contract with Tokyo Electric Power Co for the next three years.
The AIM-listed geospatial software company said the deal is valued for a total of GBP1.8 million on a subscription basis.
Tokyo Electric Power Co deploys the IQGeo software as part of a disaster assessment and recovery strategy for the increasingly frequent severe weather events that have been hitting Japan.
IQGeo said its software plays a key role in capturing current storm damage from mobile field crews. This gives their operations centre the geospatial view they need to assess and plan safe and effective response strategies that enable rapid restoration of vital electrical services.
"This substantial contract expansion demonstrates that IQGeo software is viewed as mission critical by our customers, and also confirms the continued pattern of multi-year contract expansions from initial installation dates," said IQGeo Chief Executive Richard Petti.
In addition, IQGeo said it has implemented temporary strategies to ensure the impact of Covid-19 on operating cash levels is limited.
The company said its current order backlog has not been hurt, but it is conscious that social distancing measures globally may slow the rate of new orders during this period.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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