13th Jan 2015 15:06
LONDON (Alliance News) - Artilium PLC Tuesday said it has extended its largest existing contract with Base Company, its largest client, for a further year until December 2017, in a deal worth about EUR2 million a year.
In a statement, the AIM-listed telecommunications software company said Base Co had decided to make a commitment to Artilium for the services it will get over the next three years and will pay it about EUR1.7 million in cash each January during the duration of the contract.
"The value of the contract, based on the expected amount of active subscribers on the platform deployed, is expected to be approximately EUR2 million per annum," Artillium said.
Under the deal, Artilium will continue to supply its ARTA Platform, which enables telecom providers to deliver, manage and monitor the telco-grade services they provide to end users, to Base and provide the managed services.
"We are very pleased to have agreed this contract extension with Base Company, our largest client. I believe it reflects well on the work we have done together since 2004 and we look forward to working closely together in the future," Artilium Chief Executive Bart Weijermars said in a statement.
Artilium shares were down 3.7% at 6.50 pence Tuesday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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