Tracsis plc, a leading provider of software and services for the traffic data and transportation industry, is pleased to announce that it has signed a significant order with a North American Class 1 railroad operator for its Remote Condition Monitoring (RCM) technology, which marks the Group's first major contract in North America.
Under the terms of the agreement, the initial order comprises the outright purchase of RCM hardware units, a software licence for the Group's data aggregation and analysis tool Centrix, and various ancillary products. The RCM units will be installed in the coming months across multiple geographic locations on the client's network. The total order value is in excess of $0.4m and is expected to be fulfilled before the end of 2016.
The Directors continue to view the US rail industry as being the largest and most accessible growth market for the Group's RCM technology. This latest contract win illustrates that Tracsis has the capability and product set to address this large overseas market opportunity, although the specific timing of further sales in new territories remains difficult to predict.
The Group will issue a full year end trading update on Monday 22 August 2016.
John McArthur, Chief Executive Officer, commented:
"We are delighted to have secured this significant order with a major class 1 operator having clearly demonstrated the business case and benefits of our remote condition monitoring technology. We are hopeful that this contract will lead to a further roll out across the client's network in the fullness of time and also act as a valuable reference case with other US rail customers."
Related regulatory news article: North American contract win