LONDON (Alliance News) - Crimson Tide PLC Monday said it has signed a three-year contract with a "renowned Irish manufacturer" for its mpro5 mobile software, worth about EUR100,000 in revenue, giving it a substantial boost in the Republic of Ireland.
Crimson Tide shares soared 12% to 1.65 pence in early Monday trading.
In a statement, the AIM-listed software company said the contract arose from a new strategic partnership with "one of the world's leading mobile network operators" to distribute the mpro5 software in the Republic of Ireland.
The EUR100,000 contract is the first deal under the new partnership. Crimson Tide didn't provide the name of either the customer or the partner.
Crimson Tide said it is already working with its strategic partner on several more transactions in a range of industries. It said it is demonstrating how its mpro5, which operates across the iOS, Android and Windows 8 platform, can be applied in other areas.
mpro5 is subscription-based and is aimed at helping organisations to improve efficiency and reduce costs by removing paperwork.
Founder and Executive Chairman Barrie Whipp said Crimson Tide has been working hard on its new strategic partnership.
"We have been working hard to structure this exclusive partnership and believe that mpro5 offers a compelling solution, especially when coupled with our partner's excellent mobile communications services. This gives Crimson Tide a much broader reach across Ireland than would usually be possible," Whipp said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Crimson Tide (TIDE)