1st Oct 2019 13:22
(Alliance News) - Crimson Tide PLC said Tuesday it has entered into a contract for its mpro5 platform with an unnamed supermarket chain.
Shares in Crimson Tide were 19% higher at 2.67 pence on Tuesday in London.
Under the contract, the enterprise software firm's mpro5 platform will be used in 4,000 locations in the UK and Ireland with the potential for international expansion.
The contract has a 36-month term and the contracted revenue is for a minimum of GBP1.4 million.
Mpro5 is a workforce management software application. Looking ahead, an early trial of mpro5 with internet-of-things sensors is underway, and if successful could add to the revenue achievable with Crimson Tide's client in the future.
"Our team has worked tirelessly over the contract term to demonstrate the unique nature of the mpro5 platform. Having gained visibility at C-level with this retailer, we are excited by the international potential for this client in future years," said Executive Chair Barrie Whipp.
"This contract is indicative of our enterprise-class pipeline that we have invested in strategically, and I am pleased that our unrivalled platform capability has given this client a significant return on investment with mpro5," Whipp added.
By Dayo Laniyan; [email protected]
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