Telecom services provider Toople (TOOP) was up over 250% today after announcing a new contract win.
In an RNS this morning, Toople announced it had signed a major new wholesale contract with a “well-known reseller” based in the South of England.
Toople said the contract duration was for an initial three years and is expected to deliver at least £3.5m in additional revenue to the company over that period.
The company, which provides bespoke telecom services to UK SMEs, said the contract is expected to be accretive to monthly revenues after an initial six month period.
During the initial months of the contract, the partner will migrate its current hosted telephony estate over to Toople's proprietary platform, as well as white labelling Toople's broadband propositions and marketing them to existing and new customers.
Andy Hollingworth, CEO of Toople said: "This is a great win for Toople as all the revenues relate to our next generation of telephony and superfast broadband services.
“As this and our other recent contract wins demonstrate, we are seeing increased interest from reseller partners and those active in the wholesale market.
“This is because we have a number of competitive advantages in terms of our platform, price and next generation service offerings."
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