9 Oct 2014

IkeGPS signs US agreement

1:25 pm on 9 October 2014

IkeGPS has signed an important technology development agreement with a United States company that provides technolgy advice to the US intelligence community.

Its shares rose as much as 25 per cent in Thursday morning trade after the agreement was announced.

Managing director, Glenn Milne said the new strategic partnership with In-Q-Tel will increase its revenue to more than the total near $21 million it has forecast for this financial year and next.

The Wellington-based company, which makes hand-held measuring devices for smart phones, listed on the NZX in July, following a $25 million capital-raising with the shares priced at $1.10 each.

Mr Milne is in the US attending a board meeting but in a statement to the NZX he said the agreement with In-Q-Tel is significant.

Ike's new partner is described as a non-profit, strategic investment company that identifies innovative technology solutions to support the missions of the US intelligence community.

Mr Milne said the partnership will underpin Ike's future sales and will create additional direct sales of Ike's smartphone software and hardware to the defence and intelligence market.

In the meantime he said Ike has met its revenue forecast for the first half of the financial year ended 30 September.

And he said a more detailed update on the company's financial performance will be included in its interim report next month.

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