Pelatro scores $2m contract expansion

Software specialist Pelatro expanded a contract with an existing customer on Wednesday, generating a further $2m in revenues for the group over the next five years.

Pelatro said it had expanded a business consultancy engagement agreement to a full managed services contract with the mystery client.

The AIM-listed group said the deal underpinned the board's confidence in its current year expectations.

Elsewhere, Pelatro revealed that two other existing customers had placed contracts to upgrade their version of its mViva software, along with a number of change requests and orders for three new modules.

Chief executive Subash Menon said: "We are encouraged by another customer moving to our managed service offering, with long term visibility supported by appropriate strategy and execution capabilities.

"The new version of mViva and associated new modules have enabled us to deliver more value to our customers."

As of 0910, Pelatro shares were up 2.81% at 65.80p.