By Iain Gilbert
Date: Tuesday 01 Oct 2019
LONDON (ShareCast) - (Sharecast News) - Business solutions provider Crimson Tide has scored a significant long-term contract win with an unnamed leading supermarket.
Crimson Tide's contract for its mpro5 solution with "one of the country's leading retailers" on Tuesday guaranteed it contracted revenues of at least £1.4m over the agreement's 36-month term, while a previous, smaller contract with the client containing hardware, reached its term and was now included on a Software-as-a-Service only basis within the new contract.
The mpro5 platform will now be used in nearly 4,000 retail locations across the UK and Ireland alone, with the AIM-listed group highlighting international expansion potential within the deal.
Chairman Barrie Whipp said: "Having gained visibility at C-level with this retailer, we are excited by the international potential for this client in future years.
"This contract is indicative of our enterprise-class pipeline that we have invested in strategically, and I am pleased that our unrivalled platform capability has given this client a significant return on investment with mpro5."
As of 1015 BST, Crimson Tide shares had shot up 15.56% to 2.60p.
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