IQGeo signs new contracts with German, American customers

Telecom and utility geospatial software specialist IQGeo announced the signing of significant new contracts with a tier-1 US telecom provider and one of Germany's top broadband operators on Tuesday.

The AIM-traded firm said both customers, which had previously used IQGeo or Comsof software, had chosen to expand their partnership with IQGeo by implementing its ‘Network Manager Telecom’ software as their strategic core technology for the long-term growth and management of their full-fibre and hybrid-fibre coaxial (HFC) networks.

It said the German customer contract, with a minimum total value of more than €2m, would span a three-year period, while the US customer signed a three-year contract valued at over $2m, including IQGeo cloud hosting services.

“These two new contracts are a great example of how we have been successfully expanding the use of our software with existing customers in two of our key markets,” said chief executive officer Richard Petti.

“We are now seen as an innovation and technology leader in the telecom space and these recent wins put our technology at the very heart of their business operations and validates our upsell and cross-sell strategy we saw from the Comsof acquisition.

“We are very pleased to be working with these customers to help them achieve rapid fibre rollout and efficient long-term network operations in a highly competitive market.”

At 1400 BST, shares in IQGeo were up 5.14% at 266p.

Reporting by Josh White for Sharecast.com.