mira29 Aug 2017 09:54
Mirada plc (AIM: MIRA), one of the leading providers of integrated software solutions for Digital TV operators and broadcasters, is pleased to announce a new contract win for its Iris multiscreen product.
· New contract with ATN International, Inc., including four cable networks in the Caribbean
· Commercial launch of complete suite of Iris multiscreen products expected towards the end of Mirada's current financial year
· Recurrent revenues through the implementation of the new OPEX model, including providing subscriber-based licence fees on a "SaaS" (Software as a Service) model
· Contract expected to result in material monthly ongoing revenues.
· Initial lower upfront payments associated with this model has led the Board to seek financing facilities to provide working capital
· Discussions regarding financing facilities are advanced and further announcements will be made in due course
The contract is with ATN International, Inc. ("ATNi"), a NASDAQ-listed company, which operates in several US and Caribbean locations under various trade names. Under the contract, Mirada will provide products and services to four different Caribbean operators owned by ATNi located in the U.S. Virgin Islands, Bermuda, the Cayman Islands and French Guyana. Mirada will deploy its complete suite of Iris multiscreen products, including its over-the-top ("OTT") solution and back-end platform, Iris SDP, across these networks. The commercial launch and subsequent commercial deployment is expected to occur towards the end of Mirada's current financial year.
This will be the most extensive launch of Iris since the commercial launch for izzi Telecom in Mexico and is the result of an increased focus on Mirada's sales and marketing activities. The contract will provide Mirada with different revenue streams, structured so that Mirada will receive various recurrent monthly fees as well as fixed fees for professional services at the start of the contract and on an ongoing basis. The contract is expected to diversify Mirada's revenue streams, leading to a greater proportion of recurring revenues and increased revenue visibility.
Mirada will also be engaged as the 'System Integrator', to coordinate all third-party providers involved in the overall execution of the project. In addition, following deployment, Mirada will manage all operations, services and maintenance across the four networks.
The new project incorporates Mirada's entire Iris multiscreen solution which provides an integrated cable TV and OTT solution. Iris enables live, catch-up and on-demand content to be viewed across advanced hybrid set-top boxes, smartphones and tablets, all working seamlessly through Mirada's state-of-the-art Inspir
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