Sopheon inks five-year, $11m deal with US Navy
Enterprise software company Sopheon announced on Tuesday that Team Submarine, a group of submarine programmes within the US Navy’s Naval Sea Systems Command (NAVSEA), would use its flagship ‘Accolade’ product to modernise a number of processes in the engineering and training for new submarines.
The AIM-traded firm said Team Submarine had agreed a five-year, $11.2m enterprise agreement.
It said that, in the face of changing demands and cyclical technology improvements, Accolade would help Team Submarine modernise and manage its strategy and innovation planning and build alignment between changing strategic plans and innovation initiatives.
Accolade would help to ensure resources were allocated to the right mix of capabilities, and that those with the most potential were rapidly developed and delivered.
The agreement would extend Sopheon's partnership with NAVSEA, with Accolade having become the first commercial cloud innovation management platform to achieve Authority to Operate (ATO) in 2021, exceeding the US Navy's risk management framework.
Achieved following a “substantial investment” of time and effort, the board said the material five-year deal would help to underpin the firm’s financial goals for current and future years.
“Sopheon is delighted to partner with Team Submarine and to extend our growing relationship with the US Government,” said chief executive officer Greg Coticchia.
“It is an honour to work with the best on one of the most advanced technology roadmaps known to industry.
“We look forward to great success in this partnership with Team Submarine and helping them achieve their goals for many years.”
At 1152 BST, shares in Sopheon were up 10.13% at 578.2p.
Reporting by Josh White at Sharecast.com.