Utilities management provider, Intermoco Limited (INT), announced it has entered into an Agreement to provide its Intermoco Connect business services to an large multi tenanted commercial site in Footscray (IC159). Under the terms of the Agreement, the initial duration will be five years with a further option of five years for the provision of electricity to the site. The contract is expected to generate up to $1.34M revenue over the initial five years with upfront revenue for Intermoco of approximately $38,000.
Intermoco CEO Mr Ian Kiddle said “This agreement again demonstrates the strength of the Intermoco Connect service offering and is a strong indication of the attraction of Intermoco Connect to Owners Corporations managing brownfield sites. The opportunity came from one of our Directors, Simon Kemp, who advised that once the Owners Corporation saw the win-win of cost savings for owners and tenants alike with a resultant income stream to the Owners Corporation the document signing followed almost immediately.” “The Company’s growing portfolio of long-term Embedded Network contracts will sustain Intermoco’s growth and the strengthening recurring revenue base provides better earnings visibility,” Mr Kiddle added.
Intermoco is an Australian public company listed on the Australian Stock Exchange (INT) based in Melbourne. The company is a leading provider of water, energy voice and data management solutions with a focus on the provision of embedded networks. Intermoco (under the former Utiligy brand) provides a world class end-to-end internet-enabled energy metering and resource management solution to utilities, corporations, local councils and government departments to help them monitor, manage and minimise their consumption of electricity, gas and water.
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