Shares in Crimson Tide PLC on Thursday soared as the firm won a contract worth over £400,000 and announced a new strategic partnership with IT group Cisco Meraki.

Shares were trading 22% higher in London on Thursday midday at 2.74 pence each.

The Kent, England-based mobile software firm said it won its new contract with an unnamed contract catering company.

The catering company will use its mpro5 management software platform to digitise all its daily logbooks and the solution will be rolled out across the client’s several hundred UK sites, it said.

The total subscription contract value exceeds £400,000 across its initial term, Crimson Tide added.

Furthermore, the company entered ‘an expansive strategic partnership’ with Cisco Meraki. The IT business is a division of San Francisco-based technology firm Cisco Systems Inc.

Cisco Meraki will use Crimson Tide’s mpro5 platform to turn its internet of things products into solutions for its customers. Cisco Meraki also productised the platform for its marketplace.

‘Our contract win continues to demonstrate the value of mpro5 in catering, an area where we now have a great understanding of the standards required in health and safety,’ Chair Barrie Whipp commented.

‘I am particularly pleased with the new partnership with Cisco Meraki. Their global reach and the availability of the Cisco Meraki marketplace means that mpro5 is now able to reach markets outside our traditional geographies. We look forward to implementing mpro5 with Cisco Meraki sensors in a wide range of vertical markets.’

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