Crimson Tide PLC announced on Thursday it won a new 3-year contract with an existing retail client for its mpro5 smart app solution.

The Tunbridge Wells-based software developer said the new deal is worth £1 million per year, more than double its current annual recurring revenue under the previous contract.

The contract includes an optional break clause after 24 months. Crimson noted its relationship with the client exceeds 10 years at the end of the new contractual term.

The mpro5 app is a field service management software platform and service, used across industries in over 260,000 sites ranging from hospitals to train stations.

‘The expansion of use cases for our platform and associated long-term contracted revenue go hand in hand. We continue to add high quality, contracted annual recurring revenue as we increasingly expand our footprint by sector and internationally,’ said Chair Barrie Whipp.

Shares in Crimson Tide rose 17% to 2.40 pence in London on Thursday midday.

Copyright 2022 Alliance News Limited. All Rights Reserved.