London-listed Crimson Tide (AIM:TIDE) unveiled a series of contract wins with the rail sector totalling in excess of £600,000 of long term contracted revenue.
The technology company, which is the creator and developer of award-winning business app mpro5, told investors that two London stations managed by Network Rail had invested in the app in order to reduce its paper usage.
Chiltern Railways has extended and expanded their contract, resulting in a ‘significant’ increase in monthly subscriptions, the statement noted, whilst MTR Elizabeth Line has chosen to invest in mpro5 as their ‘strategic workflow tool of choice.’
Shares in Crimson Tide were trading 11.11% higher at 2.5p during Tuesday trading.
"Within eighteen months of entering a sector, we are contracted to, or in discussions with, the majority of major players in the rail business in the UK,” said Barrie Whipp, Executive Chairman of Crimson Tide.
The news follows a recent string of contract wins which the group has said represents “a step forward” in engagement with the rail and transport industry.
On 7 February 2020, Crimson announced new contracts with the rail sector amounting to nearly £250,000.
“mpro5 has a very real opportunity of becoming an industry standard tool, and from the feedback we are getting from our clients, it should be,” added Whipp.
Originally specialising in telecoms and CRM soltuions, Crimson Tide launched its mpro mobile business solutions in 2004 and is now the company’s sole focus.
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