IKE Secures Another Significant Multi-Year Subscription Dea

For Immediate Release
11 March 2024
IKE Secures Another Significant Multi-Year Subscription Deal
An agreement with the second largest electric utility group in North America for a five-
year term that is expected to generate ~NZ$2m in total subscription revenue, or an
additive NZ$0.4m ARR.

ikeGPS Group Limited (ASX/NZX:IKE) or IKE, today announces that:
+ It has entered into a five year agreement with the second largest electric utility in the U.S.,
upgrading them from IKE’s legacy product to its new PoleForeman structural analysis
platform
+ The initial purchase order is for the first year of the agreement, for ~NZ$0.4m.
+ This customer serves approximately eight million customers in the southern U.S. region.
+ Specifically
+ Over the coming period, this commitment means over 650 engineers at this electric
utility will use IKE Poleforeman’s advanced capabilities for structural analysis and the
design of distribution assets, to meet grid resiliency and network capacity targets
over the coming decades.
+ This upsell signifies a more then ten-fold increase in annual recurring revenue from
this customer.
+ An expected consequence of this Standards decision at the utility is that additional
engineering companies and communications groups, working across this utility’s
network, will also adopt IKE PoleForeman.
This contract follows recent announcements including that:
- IKE had also signed a ~NZ$3.7m subscription contract with a Fortune 150 Company
and one of the ten largest Investor-Owned Utilities in the U.S., upgrading them from IKE’s
legacy product to its new PoleForeman structural analysis platform. Over the coming
five years, this long-term customer commitment means that over 1,000 engineers at this
utility will use IKE Poleforeman’s advanced capabilities.
- IKE had also signed a NZ$0.8m three-year subscription deal with a Fortune 500
Company that serves approximately four million customers on the east coast of the U.S.
Since launching the IKE PoleForeman product late in 2023, more than 30 enterprise customers in
the U.S. have signed onto the platform representing total contract value expected to exceed
~NZ$7.5m from this new product, that will be recognized over the coming periods as
subscription revenue.
New customer wins have included flipping one of the ten largest utilities in North America from a
competitor. IKE anticipates winning further significant contracts with tier-1 customers in the
short and medium term.

ENDS

About IKE
We’re IKE, the PoleOS Company. IKE seeks to be the standard for collecting, analysing and
managing pole and overhead asset information for electric utilities, communications companies,
and their engineering service providers.
The IKE platform allows electric utilities, communications companies, and their engineering service
providers to increase speed, quality, and safety for the construction and maintenance of distribution
assets.
The revenue engine for IKE is driven by both the number of users within enterprise customers
subscribing to the IKE platform and the volume of assets (called Transactions) being processed
through IKE software.

Contact:

Glenn Milnes
CEO
+1 720-418-1936
glenn.milnes@ikegps.com

Simon Hinsley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au

ikeGPS Group Limited
350 Interlocken Blvd, Suite 390, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com