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1Spatial PLC on Tuesday said that it had secured several new contracts in the US, demonstrating ‘material progress’ on the firm’s stateside expansion plans. According to the Cambridge-based data management software company, these include two customer wins for its automated traffic conflation solution, with the Departments of Transport for the State of Virginia and State of Georgia. These contracts will deliver, in aggregate, at least $500,000 in annual recurring revenue. The firm has also been awarded a position on a five-year framework agreement with the State of Tennessee in partnership with Rizing LLC, a Wipro Ltd company. Finally, 1Spatial has signed a two-year contract renewal with the State of Minnesota, delivering $250,000 annual recurring revenue. This is an expanded contract which represents an increase of approximately $100,000 in the annual contract value. ‘We continue to see considerable opportunity in the US, supporting the digital transformation of transport and emergency services departments, for which accurate, reliable, and up to date location data is vital,’ said Chief Executive Officer Claire Milverton. ‘These wins and the renewal demonstrate the quality of our product and underpin our ambition to generate on average $1 million in ARR from each state per annum. Alongside our newly launched SaaS offerings, the company has a number of growth vectors available to deliver on its ambitions.’ Shares in 1Spatial were trading 0.4% lower at 67.75 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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