Ideagen secures contract win worth $1.6m

AIM-listed Ideagen has secured a contract from a "global leader" in the petrochemical industry worth an initial $1.6m.

The company, which supplies information management software to organisations in highly regulated industries, expects 90% of the revenue including $1.1m of licence to be recognised in the current financial year.

The contract is for the supply of Ideagen's flagship quality management system Q-Pulse to the customer's North American business, which covers 13 sites and 2,500 users. It has been awarded following the successful deployment of Q-Pulse in other geographical regions.

Chief executive David Hornsby said: "We continue to see strong business demand for our software across all our key verticals. This contract demonstrates the strength of both our products and our ability to grow revenues from our extensive customer base.''

Q-Pulse business processes for standards and regulatory compliance, safety management and risk management.

At 1110 GMT, the shares were up 0.6% to 90p.