Synectics inks 'substantial' long-term deal with National Grid

8th Mar 2022 15:59

(Sharecast News) - Security and surveillance technology company Synectics announced the award of a "substantial" long-term contract on Tuesday, to provide security management software support for National Grid across its UK estate.

The AIM-traded firm said its 'Synergy' software platform had been deployed at the National Grid security control centre for a number of years, enabling the centralised monitoring and management of its network of infrastructure sites and assets.

Following a recent upgrade to the latest version of Synergy software, National Grid entered into a five-year contract with Synectics to provide software support.

Although the total contract value remained confidential, Synectics said it expected to recognise revenue of around £0.6m in the current financial year, with lesser amounts in each of the remaining years of the contract.

The contract also included provision for further software licences as the system was deployed across additional National Grid sites.

Synectic said it contracts directly with National Grid for the provision of the software, while first-line on-site support was provided by a small number of integration partners.

"It is really pleasing to see that our focus on building long-term customer relationships is recognised, and that our programme of continuous customer-driven innovation is valued by important customers such as National Grid," said chief executive officer Paul Webb.

"This further expands Synectics' footprint in high-security infrastructure markets, where we have a strongly differentiated product offering."

At 1221 GMT, shares in Synectics were down 4.35% at 110p.