1Spatial, the UK-based geospatial software company specialising in location data management, announced a fresh contract win on Tuesday.
A major Belgian electricity and gas utility has signed a three-year contract with 1Spatial to enhance the quality and accuracy of its network data.
1Spatial shares were 1.2% higher at the time of writing.
The €9 million deal will see 1Spatial deploy its location data management software and geospatial services to help the Belgian company build a digital twin of its distribution network.
1Spatial said its technology will enable the utility to more efficiently manage its grid, conduct repairs and connect new customers while ensuring safety. The company’s software validates and improves the quality of geospatial data.
Of the total contract value, 1Spatial will deliver €4.1 million itself, including €0.3 million in software licensing revenue. It will utilise partners to provide €4.9 million of services over the three years.
1Spatial CEO, Claire Milverton, commented on the contract award:
“This is a great competitive win for 1Spatial, further expanding our presence in Europe. Our new customer will use our unique technology and solutions to produce and improve the quality and accuracy of its geospatial data. This contract win adds to our growing ARR revenues and demonstrates the credentials of our enterprise offering and with the potential for expansion, we are excited to be working with this leading-edge operator.”
