Artilium gains 5-year contract extension with biggest customer

Artilium, a provider of telecommunication software, has expanded its mobile virtual network enabler platform deal with its largest customer, Telenet Group, for the next five years.

As part of the contract extension, €5.3m will be paid this month for revenue which will be recognised in equal instalments for five years, while Telenet will get access to the the company's newly developed ARTA Bill solution, which automates and streamlines mobile virtual network enabler billing and invoicing.

Artilium chief executive Bart Weijermars said: "This commitment by Telenet Group clearly shows that Artilium delivers high quality innovative solutions to its customers. Based on this positive result with our most significant customer we feel confident that we can further expand our managed services business.

“We will continue developing new innovative offerings. The cash payment will be used to improve our working capital position and further develop the business."

Shares in Artilium were down 1.93% to 6.62p at 0808 GMT.