Crimson Tide wins 'significant' new long-term contract win

25th Jul 2022 10:20

(Sharecast News) - Software company Crimson Tide has won a "significant new long-term contract win" with a national supplier in the utilities sector.

Crimson Tide said the contract had been won following a competitive tender process and an extensive trial by the client in one of its regions, with the unnamed client now set to roll out its mpro5 solution to digitise processes across its network.

The AIM-listed group stated the initial term of the agreement was for three years, with a total value in excess of £1.4m.

Chairman Barrie Whipp said: "This is a significant contract win for the company, representing one of the largest initial contract wins in our history and providing valuable underpinning to our plans over the next few years.

"The new contract demonstrates mpro5's ability to provide solutions across many vertical markets and will act as a beacon for us in the utilities sector, which we can now address in Europe and the United States."

As of 1020 BST, Crimson Tide shares were up 2.73% at 2.26p.

Reporting by Iain Gilbert at Sharecast.com