Traffic Technologies adds another contract to the briefcase as it runs rampant across the east coast
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Traffic Technologies’ $10 million contract win in Victoria follows on from recent wins in Tasmania and Queensland.
Provider of traffic management, IoT and Smart City solutions, Traffic Technologies (ASX: TTI) has just won a contract of up to approximately $10 million with Procurement Australia for the supply of its smart city products to Victorian local councils.
The contract is a five-year extendable agreement that will see TTI supplying its directional and instructional signs, as well as its safety traffic solutions.
The deal gives TTI access to Victoria’s local council market, which will support the long-term recurring revenue growth strategy.
Procurement Australia is one of Australia’s leading procurement services companies and has operated for more than 30 years. Working in partnership with buyers and suppliers, it is regarded as a leader in negotiating and facilitating contracts across both the private and public sectors.
“The contract with Procurement Australia is important in that it further secures TTI’s initiative in securing recurring revenue streams,” said Traffic Technologies Managing Director Con Liosatos.
“It also embeds our Signage and Safety products business for up to the next five years until 2026, and facilitates access to the company’s products for local councils in Victoria.”
Today’s deal is another example of TTI’s rapid growth across Australia.
In November, the company won three major contracts in Tasmania and Queensland, with the latest being an extension contract with TasNetworks worth approximately $3 million.
TasNetworks is a Tasmanian state-owned company responsible for electricity transmission and distribution, and the deal saw TTI assisting the state with its streetlight replacement program.
Recently TTI also secured a long-term contract of up to approximately $9 million in Queensland, signing a five-year deal with the state government.
The contracts were awarded by the Queensland Department of Transport and Main Roads (TMR) for the supply of a wide range of traffic management solutions, including hardware and associated software across the state.
Under the agreement, TTI’s Brisbane-based subsidiary iTS will supply its Intelligent Traffic Control equipment, consisting of electronic signs, radar equipment and associated software to Coates.
Through these deals, Traffic Technologies has gradually positioned itself in the rapidly expanding IoT market, which is said to be worth US$1.7 trillion globally and forecast to grow to US$12.6 trillion by 2030.
Its state-of-the-art lighting, signage and traffic management hardware has been approved for use by every Australian council, and has already been implemented in more than 31,000 intersections worldwide.
This article was developed in collaboration with Traffic Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.