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LONDON (Alliance News) - Crimson Tide PLC saw its shares jump Monday after the company said that it has signed a "transformational" contract with a global food company which is expected to generate contracted margin revenue of GBP250,000 during the term.
The developer of the mpro5 enterprise smartphone and tablet apps in the cloud, said that the deal with the unnamed company "demonstrates the increasing scalability of the mpro solution."
Under the terms of the agreement, which will last in excess of three years, Crimson Tide's mpro5 system will provide the client with Proof of Delivery and Estimated Time of Arrival information for its own and third party deliveries. mpro5 will communicate with the client's SAP system to collect and receive delivery data from mobile devices used by drivers and delivery workers.
Upon the achievement of an extended worldwide rollout - which will commence in Australia "imminently" - the size of the contracted margin revenue could rise significantly above GBP250,000, conditional on the number of users, said the mobile solutions provider. Crimson Tide will support local language versions of mpro5 and its mpro cloud-based management website, hosted on Microsoft Azure.
"This contract is a transformational landmark for Crimson Tide. It validates mpro5 as a world leading enterprise cross platform mobility solution... Our footprint will expand worldwide and we are very proud to be working with our global client on this project," said Executive Chairman Barrie Whipp.
Shares in Crimson Tide jumped at the open Monday; the stock trades 25% higher at 1.75 pence per share, the third highest gainer on AIM.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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