Tracsis wins 'significant' multi-million pound contract
AIM-listed software and services provider Tracsis has been awarded a "significant" multi-million pound contract for the provision of its key software planning products with "a major" UK rail operator.
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The contract, which includes the renewal of some existing systems already licenced by the customer, will be delivered over four years. Tracsis said that while it is significant for the company and helps to underpin its confidence for the future, the contract will not have a financial impact in the current financial year.
The award follows a comprehensive procurement process during which Tracsis was able to successfully demonstrate the functionality and value of existing software products and new innovations. Assuming the contract is fulfilled on time and to the customer's satisfaction, there should be a high degree of recurring revenue beyond the four-year period.
Tracsis said the size and materiality of the contract represents a step change in its ability to tender for and win major technology projects and should pave the way for similar sales in the future with other transport operators both within the UK and abroad.
Chief executive officer John McArthur said: "We are absolutely delighted to have secured this major contract with a long standing rail customer and look forward to delivering this project in the coming months. The size and scale of the project is significant for Tracsis and represents the wholescale change that UK transport is going through in adapting to the growing operational demands placed upon the network. This win is testament to our team and our product suite and we believe successful delivery of this project will lead to our Enterprise systems being adopted elsewhere in the fullness of time. "
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