Cyanconnode Regulatory News (CYAN)

CyanConnode Holdings plc("CyanConnode" or the "Company")

Contract Win

Purchase order for Software Licences from Innologix India

CyanConnode, the world leader in narrowband radio mesh networks, announces it has received a purchase order for approximately $150,000 from Innologix Consulting Pvt Ltd ("Innologix") in India for its smart metering software solution.

Innologix is a systems integrator focused on smart metering within India. They will integrate CyanConnode's software into its own cloud-based innovative energy management solutions to create a platform to capture and store meter data to assure utilities they are charging correctly. The smart meters for the Innologix solution will use CyanConnode's communications module and data concentrator units, which will be sourced from one of the Company's existing local partners.

The purchase order is for CyanConnode Head End Server software licenses, and includes an annual maintenance contract, which will both provide a recurring revenue stream following successful installation of the software on the Innologix cloud-based platform.

John Cronin, CyanConnode Executive Chairman, commented: "This contract win with Innologix further demonstrates the success of the Company's scalable business model as well as the strength of its smart metering eco-system in India. Through our collaborative approach, and commitment to transferring skills and experience to our partners in-country, CyanConnode's communication platform is an enabling technology that delivers cost-effective solutions designed for the utility sector in India."

Atul Agrawal, CEO & Founder at Innologix Consulting, commented: "When we established Innologix, we were clear that we would focus on providing a cloud computing service, delivering the latest energy management technology without the investment in infrastructure or the running costs required to host and manage a system in-house. Working with CyanConnode's partner eco-system, we are delighted to have secured our first major customer order for smart metering as a managed service. The contract for software licenses together with smart grid hardware will provide our customers with a cost-effective, end-to-end solution."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside information is now considered to be in the public domain.

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About CyanConnode

CyanConnode is a world leader in narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. Its innovative solutions use sub GHz frequencies and are optimised for exceptional performance. Ultimesh solutions provide end-to-end quality of service and total cost of ownership and Panmesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of 3rd party applications. Through its global partner eco-system, CyanConnode provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value. 

For more information, please visit www.cyanconnode.com.

About Innologix

Innologix Consulting is founded by Atul Agrawal who has more than 20 years of experience in the energy and utility industry. He has rich operations, consulting and information technology experiences. He has worked for Ferranti Computer Systems, IBM, Infosys Ltd., Siemens Ltd. and Reliance Industries before he founded Innologix Consulting.

Innologix Consulting provides energy management and facility management solutions for its various client segments such as individual home, residential facilities, commercial facilities, Industry and Utilities. It provides cloud based business solution platform for smart grid, smart micro grid, metering, billing and payment processes, power portfolio management etc.

For more information, please visit www.innologixconsulting.com.