Checkit scores 'significant expansion' with existing customer, secures first AI contract win

Monitoring platform operator Checkit said on Wednesday that it has secured a “significant expansion” with an existing US customer and a first customer for its recently launched AI module.

Checkit said Octapharma will be expanding its use of the its platform by integrating tactical temperature monitoring units into its existing monitoring system, further protecting its operational data and mission-critical inventory.

The AIM-listed group also announced a first signed contract for its recently launched asset intelligence product module, which applies advanced analytics and machine learning to internet-of-things data, which will help enhance customer sustainability, reduce costs, and improve revenue.

Chief executive Kit Kyte said: "This latest win continues to validate our 'land and expand' strategy and demonstrates continued momentum in the US, a strategic priority for the business. Forward-thinking leaders like Octapharma understand why it's so critical to execute an operational data strategy, and we appreciate their trust and partnership.

"I am also thrilled that we have secured our first customer for the recently launched Asset Intelligence module, which marks the start of an exciting chapter in the evolution of our offering and our integrated end-to-end platform."

As of 0910 BST, Checkit shares were up 1.39% at 23.32p.

Reporting by Iain Gilbert at Sharecast.com