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2 Jul 2024 07:00
2 July 2024
1Spatial plc
("1Spatial", the "Group" or the "Company")
US contract wins underpin enterprise opportunity in the US
1Spatial, (AIM: SPA), a global leader in Location Master Data Management (LMDM) software and solutions, has secured several new contracts in the US, that demonstrate material progress on the Group's US expansion plans. The US is a key part of the Group's overall growth strategy based on the strength of the Company's offerings, existing customer relationships and the significant market size. The Group is bringing its unique technology and solutions to an expanding market. 1Spatial now has contracts or framework agreements with 21 US States, up from 18 US States at the year end. The US business has considerable expansion potential with an ambition to generate on average $1m Annual Recurring Revenue ("ARR") from each State per annum.
The recent contract wins and renewals include:
· | Two customer wins for 1Spatial's automated traffic conflation solution, which is powered by 1Spatial's patented 1Integrate rules engine, with the Departments of Transport (DOT) for the State of Virginia and State of Georgia. These contracts will deliver, in aggregate, at least $0.5m in ARR. |
· | 1Spatial has been awarded a position on a five-year framework agreement with the State of Tennessee in partnership with Rizing, a Wipro company. This is our first engagement in the State of Tennessee and the agreement will deliver data management for Highway Information Systems. 1Spatial, alongside Rizing, was ranked first for its highway systems and data management solutions. |
· | NG-9-1-1 two-year contract renewal with an existing customer, the State of Minnesota, delivering $0.25m ARR. This is an expanded contract which represents an increase of approximately $0.1m in the annual contract value. |
These repeatable solution sales contribute to the Group's increasing levels of recurring revenue and provide good revenue visibility from the Group's US operation.
Commenting on the wins, 1Spatial CEO, Claire Milverton, said: "We continue to see considerable opportunity in the US, supporting the digital transformation of transport and emergency services departments, for which accurate, reliable, and up to date location data is vital.
These wins and the renewal demonstrate the quality of our product and underpin our ambition to generate on average $1m in ARR from each State per annum. Alongside our newly launched SaaS offerings, the Company has a number of growth vectors available to deliver on its ambitions."
For further information, please contact:
1Spatial plc | 01223 420 414 |
Claire Milverton / Stuart Ritchie | |
Panmure Liberum (Nomad and Broker) | 020 3100 2000 |
Max Jones / Edward Mansfield / Anake Singh | |
Alma Strategic Communications | 020 3405 0205 |
Caroline Forde / Hannah Campbell | 1spatial@almastrategic.com |
About 1Spatial plc
1Spatial plc is a global leader in providing Location Master Data Management (LMDM) software, solutions and business applications, primarily to the Government, Utilities and Transport sectors via the 1Spatial platform. Our solutions ensure data governance, facilitating the efficient, effective and sustainable operation of customers around the world. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government and defence departments.
Today, when using and sharing trusted data provides significant opportunities for businesses and governments to deliver against important sustainability and Net Zero goals, our vision is clear - to make the world safer, smarter and more sustainable by unlocking the value in data, enabling better decisions and greater insights.
The 1Spatial platform is a comprehensive set of data and system agnostic LMDM software components which helps ensure master data is compliant, current, complete, consistent, and coordinated - and that customers can be confident it will remain that way as it evolves. It allows them to master their data on any device, anywhere, anytime and can be deployed as SaaS in the cloud, on-premise, or as a hybrid of both.
Our domain expertise and data agnostic approach allows us to be an integral and important part of the Geospatial Ecosystem, supporting the wider digital economy. We partner with major technology consultancies and GIS providers such as ESRI and bring together our people, innovative solutions, industry knowledge and experience from our extensive customer base to deliver world class solutions.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia, and Australia.
www.1spatial.com
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