Crimson Tide secures long-term contract with leading supermarket
Business solutions provider Crimson Tide has scored a significant long-term contract win with an unnamed leading supermarket.
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Crimson Tide's contract for its mpro5 solution with "one of the country's leading retailers" on Tuesday guaranteed it contracted revenues of at least £1.4m over the agreement's 36-month term, while a previous, smaller contract with the client containing hardware, reached its term and was now included on a Software-as-a-Service only basis within the new contract.
The mpro5 platform will now be used in nearly 4,000 retail locations across the UK and Ireland alone, with the AIM-listed group highlighting international expansion potential within the deal.
Chairman Barrie Whipp said: "Having gained visibility at C-level with this retailer, we are excited by the international potential for this client in future years.
"This contract is indicative of our enterprise-class pipeline that we have invested in strategically, and I am pleased that our unrivalled platform capability has given this client a significant return on investment with mpro5."
As of 1015 BST, Crimson Tide shares had shot up 15.56% to 2.60p.