(Alliance News) - Shares in Sopheon PLC were up on Tuesday as it said that it has entered an USD11.2 million, five-year contract with the US Navy's submarines.
Shares in the Minnesota, US-based enterprise software provider were up 5.1% to 552.00 pence each in London on Tuesday morning.
Sopheon said that Team Submarine, a grouping of submarine programmes within the Naval Sea Systems Command, will use Sopheon's solution Accolade to help develop numerous processes related to the engineering of and training for new submarines. NAVSEA is the largest of the US Navy's six system commands, the company added.
Sopheon said: "Accolade will help Team Submarine modernize and manage its strategy and innovation planning and build alignment between changing strategic plans and innovation initiatives.
"Accolade will help ensure resources are allocated to the right mix of capabilities and those with the most potential are rapidly developed and delivered," it added.
The agreement is an extension of Sopheon's 2021 partnership with NAVSEA, which gave the company authority to operate for NAVSEA.
Sopheon added that the arrangement will help underpin financial goals for current and future years.
Chief Executive Officer Greg Coticchia said: "Sopheon is delighted to partner with Team Submarine and to extend our growing relationship with the US government. It is an honour to work with the best on one of the most advanced technology roadmaps known to industry."
By Sophie Rose; sophierose@alliancenews.com
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