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Ubisense signs contract for military training
Ubisense shares jumped after the enterprise location intelligence company said it had signed a military training contract in North America.
The AIM-listed company said its SmartSpace division had signed a contract with a military training provider in North America to provide services at the world's most advanced military training site.
The company will earn more than £4m in 2018 from the contract and has a framework agreement for similar follow-on orders in 2019. The customer is fulfilling a contract with a founding NATO member, Ubisense said without giving more details. The 12 founders of NATO were Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, the UK and the USA.
Ubisense shares rose 12% to 74.5p at 09:33 BST.
The company's technology will provide a real-time 3D view of all training and more realistic training such as simulated weapons effects. Ubisense helps companies and other organisations monitor and manage their businesses by providing a digital version of operations and processes.
Richard Petti, Ubisense's chief executive, said: "The win confirms Ubisense's leadership in the highly specialised field of enabling location based military training, and illustrates how digital twin technology is finding new markets outside of the manufacturing sector for which the Company has historically been recognised. We look forward to working with our new customer in this space for many years to come."