(Sharecast News) - Transport-focussed software, hardware and data analytics company Tracsis has been awarded new contracts for the supply of remote conditioning monitoring (RCM) hardware and software to an unnamed North American transit agency, it announced on Thursday.
The AIM-traded firm said the win represented a "strategically important" milestone for the company, as North America was an important future growth market for its rail technology and services division.
It said the first contract win was the result of the successful delivery during 2020 of a proof-of-concept, which was followed by an RCM equipment rollout across an initial four sites monitoring around 40 switch machines.
The new contract win included the enterprise-wide installation of the company's 'Centrix' data acquisition software platform, and the extension to a further 10 sites of RCM equipment which would monitor an additional 140 switch machines.
Further phases of work across multiple additional sites could follow, depending on the successful ongoing roll-out of the programme of work.
The second contract win for the same client was to again supply switch monitoring via the company's hardware and Centrix platform for a further 45 switch machines through a strategic signalling renewal and station upgrade project.
Tracsis said the combination of the two contracts would combine to give RCM for more than 200 switch machines for the client.
It said the new contract wins were expected to be delivered during the rest of the current financial year.
"MPEC Technology has a very strong market position in the UK rail industry as a leading supplier of RCM software and hardware," said chief executive officer Chris Barnes.
"A key strategic objective of the Tracsis Group is to expand this business into North America and these new contract wins with a major transit agency are an important further step in building momentum towards this goal."
At 1128 GMT, shares in Tracsis were up 3.21% at 675p.
Tracsis (TRCS)17 May 2024 15:43