(Sharecast News) - Technology group Journeo has secured a £1.2m contract with Network Rail for ScotRail that will see the company provide its advanced Portal software and associated services, as well as two years of software licensing.
Journeo said on Monday that the award was the first major software-led contract for its in-house developed intellectual property and will also provide it with an opportunity for further licensing contracts in the UK and abroad.
The AIM-listed group added that the contract was included in management's expectations for 2023 and 2024 and will further add to the company's strong order book.
Chief executive Russ Singleton said: "We are delighted to be providing Network Rail, ScotRail and British Transport Police with a fleet-wide deployment of our high-security safety analytics software and data management applications within the SaaS-based Journeo Portal.
"Developing and licensing software is a strategic objective of Journeo which is complementary to the historic hardware-based installations undertaken. This bonds Journeo even more closely with its growing list of customers, whilst delivering substantially higher returns for our shareholders."
As of 1000 GMT, Journeo shares had shot up 11.53% to 119.90p.
Reporting by Iain Gilbert at Sharecast.com
Journeo (JNEO)