ikeGPS Group (ASX:IKE, NZE:IKE) won two new multi-year software subscription contracts, with a total initial value of around NZ$3 million, according to a Monday Australian and New Zealand bourse filings.
Overall, the two companies deliver power to more than 6.5 million US customers.
One of the contracts will lead to over 700 engineers at an electric utility using IKE Poleforeman's advanced capabilities to meet grid resiliency and network capacity targets over the coming decades.
Additional engineering companies and communications groups, working across these power utility's networks, are also expected to adopt IKE PoleForeman long term.
It expects further subscription contracts to close in the short and medium term.
The firm's shares rose 8% on the Australian bourse and 9% on the New Zealand bourse in recent trading on Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.