X2M Connect (ASX:X2M) - Chief Operating Officer, Keith Jelley
Chief Operating Officer, Keith Jelley
Source: Keith Jelley/Linkedin
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • X2M Connect (X2M) secures contracts with Gochang County and the Jeju province in South Korea
  • The Internet of Things (IoT) company renews a contract with Gochang County to provide it with remote water monitoring services across 25,500 households over three years
  • The new contract replaces a five-year contract and is valued at $1.03 million
  • Additionally, X2M will provide remote monitoring services over 12 months for the Jeju province
  • Company shares closed 3.13 per cent up at 16.5 cents

X2M Connect (X2M) has secured two new Software-as-a-Service (SaaS) and maintenance contracts with Gochang County and the Jeju province in South Korea.

The first is a three-year contract renewal with Gochang County valued at $1.03 million. This replaces the previous five-year contract which covered 24,100 households.

The Internet of Things (IoT) solutions company will provide remote water monitoring services across 25,500 households in the Gochang County. The County is expected to add 300 new residences onto the platform each year which is expected to deliver additional revenues of about $150,000 over the three years.

X2M CEO Mohan Jesudason said the contract renewal is a testament to its solution.

“This contract is important from two aspects, first that our customer at Gochang is satisfied with our services and what they contribute to the County’s offer to its citizens, and secondly that once installed, our solution is very sticky and difficult to replace as the services become embedded in the customer processes,” he said.

In addition, Jeju signed a 12-month platform SaaS and maintenance contract for X2M to continue providing remote monitoring services. This followed the company deploying remote water meter monitoring into roughly 8000 households. The first year service contract is $60,000.

Company shares closed 3.13 per cent up at 16.5 cents.

X2M by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…