ikeGPS lands another US customer for its power pole technology
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Infrastructure technology company ikeGPS (ASX:IKE) has landed another contract in the US market.
The company didn’t name the customer but described it as one of the “largest utilities companies” in America.
The New Zealand-based IKE (which is dual-listed on the ASX and NZX) said the initial phase of the deal is expected to generate around $750,000 in revenues.
Investors approved of the additional evidence that IKE is gaining traction in the US market.
IKE shares rose more than 20 per cent to new 2020 highs in morning trade:
Under the terms of the deal, ikeGPS will supply its IKE Analyze platform to help the US client assess and design its network of power poles.
IKE’s service will be deployed for the management of around 250,000 poles, out of a total asset base managed by the customer of around 10m power poles.
The platform is a form of data capture technology, that connects to the cloud and is used to measure strength and connectivity of power pole networks.
IKE said the deal was sealed following a successful pilot program, which “de-risked the implementation and on-boarding process”.
It also marks the first successful cross-sell stemming from the company’s 2019 acquisition of the PoleForman assets from Powerline Technology Inc, for $US5.4m.
Looking ahead, IKE said the initial deal with its new infrastructure customer has “expansion potential on successful delivery”.