Shearwater Group secures 'significant' new contract win

Software company Shearwater Group has secured a "significant new contract win" to the potential value of up to £21.0m with an unnamed telecommunications and media company.

Shearwater said on Wednesday that its Brookcourt Solutions subsidiary had won the contract, which will be delivered across an initial three-year term and comes with an initial secured value of £12.9m, with the contract including an option to extend by a further two years for a total additional value of roughly £8.0m.

Under the terms of the contract, Brookcourt Solutions will provide forensic monitoring solutions, support, maintenance, training and managed services to the "leading" telecommunications and media company.

Chief executive Phil Higgins said: "This win demonstrates our capabilities within the security and monitoring sector. Being able to work alongside our customer, as the chosen supplier on a project of this strategic importance is noteworthy."

As of 0935 BST, Shearwater shares had surged 30.05% to 142.40p.