3rd Jul 2023 13:05
(Alliance News) - IQGeo Group PLC on Monday said an unnamed "top five Japanese utility customer" has signed a new subscription agreement to significantly expand its use of the IQGeo software for emergency response.
Shares in IQGeo were up 4.7% to 265.00 pence each in London on Monday afternoon.
With the number of corporate software user licences increasing by 10,000, the provider of geospatial productivity and collaboration software for the telecoms and utility industries said its total software annual contracted value for this customer will double to more than GBP1.1 million.
IQGeo said the customer is already using IQGeo software to prioritise and co-ordinate emergency response activities and mitigate risk during natural disasters.
"The success of the emergency response solution has led to the new expanded deployment that will enable access to the IQGeo software for all employees," IQGeo said in a statement.
"The enhanced 'digital twin' solution will provide live situational awareness of their grid for all departments, delivering greater collaboration and efficiency for its increasingly complex electrical network."
Chief Executive Officer Richard Petti said: "This expanded deployment in Japan is an excellent illustration of how successful usage of our software leads to significant contract extensions."
"This customer has already proven the strategic benefits our software brings to their business and has a very clear vision for sharing its core electric grid assets with virtually every employee. Over the years we have established a trusted relationship and are proud to continue working with them on the next step in their digital transformation journey."
By Greg Rosenvinge, Alliance News reporter
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