Partnership Contract Win for UK Government project
27 September 2021
("1Spatial", the "Group" or the "Company")
Partnership contract win for UK Government project
1Spatial wins landmark contract following competitive tender
1Spatial, (AIM: SPA), a global leader in Location Master Data Management (LMDM) software and solutions, is delighted to announce the award of a major new multi-year contract following a competitive tender, in partnership with a consortium. The contract will deliver a significant multi-year digital transformation programme for a department of the UK Government.
The 5 year contract is expected to have a total value to 1Spatial of £8.0 million, with a significant weighting towards recurring revenue. The contract comprises recurring software licences (around £1.2 million ARR value, expected to commence in early 2023) and software configuration and integration services worth £8.0 million in aggregate over five years, of which £2.1m is expected to be delivered over the next two financial years. Both the software configuration and integration services and the first three years of software licences within the contract are contractually committed, delivering approximately £5.6m of revenue to the Company. As a result of this contract award, the Company anticipates that revenue and EBITDA for FY23 (being the year ending 31 January 2023) will be slightly ahead of its expectations, whilst also driving growth in ARR over the term of the contract.
The contract win underlines the quality of 1Spatial's world-class technology and geospatial expertise, and the ability of the business to scale through the sale of repeatable business applications and software solutions.
Claire Milverton, CEO of 1Spatial, commented, "We are thrilled to have secured this second landmark contract for 1Spatial so recently after reporting our previous landmark win. We won this contract alongside our partners, against intense competition and is further proof of our world-leading geospatial capabilities and software platform. The structure and scale of this contract is transformational for our business from a recurring revenue perspective and aligns completely with our growth strategy to focus on repeatable software solutions. The market for high quality geospatial data is growing at a significant rate globally through initiatives such as 'Building Back Better and Greener' and at 1Spatial we are ready to capitalise on this significant growing opportunity."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
For further information, please contact:
01223 420 414
Claire Milverton / Andrew Fabian
Liberum (Nomad and Broker)
020 3100 2000
Neil Patel / Cameron Duncan / Ed Phillips / Miquela Bezuidenhoudt
020 3405 0205
Caroline Forde / Justine James / Molly Gretton
About 1Spatial plc
1Spatial plc is a global leader in providing Location Master Data Management (LMDM) software, solutions and business applications, primarily to the Government, Utilities and Transport sectors via the 1Spatial platform. Our solutions ensure data governance, facilitating the efficient, effective and sustainable operation of customers around the world. Our global clients include national mapping and land management agencies, utility companies, transportation organisations, government and defence departments.
Today, when using and sharing trusted data provides significant opportunities for businesses and governments to deliver against important sustainability and Net Zero goals, our vision is clear - to make the world safer, smarter and more sustainable by unlocking the value in data, enabling better decisions and greater insights.
The 1Spatial platform is a comprehensive set of data and system agnostic LMDM software components which helps ensure master data is compliant, current, complete, consistent, and coordinated - and that customers can be confident it will remain that way as it evolves. It allows them to master their data on any device, anywhere, anytime and can be deployed as SaaS in the cloud, on-premise, or as a hybrid of both.
Our domain expertise and data agnostic approach allows us to be an integral and important part of the Geospatial Ecosystem, supporting the wider digital economy. We partner with major technology consultancies and GIS providers such as ESRI and bring together our people, innovative solutions, industry knowledge and experience from our extensive customer base to deliver world class solutions.
1Spatial plc is AIM-listed, headquartered in Cambridge, UK, with operations in the UK, Ireland, USA, France, Belgium, Tunisia, and Australia.