OneView Group wins key contract with Discount Tire Corp

Shares in OneView Group surged by almost two-thirds as it won a multi-million dollar annual cloud-based hosting deal with Discount Tire Corp, the world's largest independent tyre and wheel retailer.

The deal with Discount Tire, an existing client, would expand the current partnership for a five-years, and provide a material uplift to its yearly recurring revenues.

Under the deal's terms, OneView would host Discount Tire's cloud-based in-store software platform and provide application management and IT infrastructure support.

"This is our largest contract to date providing a substantial uplift in revenue visibility over the coming years," said chief executive Stuart Mitchell.

"Discount Tire joins a growing list of companies that are increasingly recognising the benefits of our cloud-based hosted service to drive value and differentiation to their customers and operations," the company said in a statement.

Shares in OneView were up 62.96% to 5.50p at 10:31 GMT.