(Sharecast News) - Customer engagement software company Pelatro announced a significant contract for its campaign management solution on Friday, from an unnamed Middle East telecoms provider operating across multiple countries.
The AIM-traded firm said that building on previous success, it had further expanded its relationship with the telecom company, encompassing three additional countries.
It said the new contract was expected to generate substantial recurring revenue, amounting to about $0.65m annually.
"We are excited with this large recurring revenue contract which increases our annual recurring revenue by a significant amount," said managing director and chief executive officer Subash Menon.
"As is the case with this contract, all material contracts in our pipeline are also recurring in nature."
At 1131 BST, shares in Pelatro were up 17.38% at 7.63p.
Reporting by Josh White for Sharecast.com.
