IKE Secures NZ$3.7M Five-Year Deal from Major U.S. Utility

For Immediate Release
22 December 2023
IKE Secures NZ$3.7M Five-Year Deal from Major U.S. Utility
This longterm subscription contract marks a significant up-sell of IKE's next-generation IKE
PoleForeman software, underscoring its growing influence in the North American electric utility
sector.

ikeGPS Group Limited (ASX/NZX:IKE) or IKE, today announces:
+ That it has signed a ~NZ$3.7m subscription contract with a Fortune 150 Company and
one of the ten largest Investor-Owned-Utilities (IoU’s) 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 over 1,000
engineers at this utility will use IKE Poleforeman’s advanced capabilities.
+ The upsell of IKE’s new platform signifies a more the tenfold increase in annual recurring
revenue from this customer versus IKE’s legacy product (~NZ$70k p a to ~NZ$700k p a
subscription revenue), demonstrating the value of the product to the customer.
+ An expected consequence of this Standards decision at the utility itself is that additional
engineering companies and communications groups, working across this IoU’s network
and ecosystem, will also adopt IKE PoleForeman.
+ This utility is utilizing IKE PoleForeman for structural analysis and the design of
distribution assets, to meet grid resiliency and network deployment targets over the
coming decades.

IKE CEO Glenn Milnes commented, “The October 2023 launch of our next-gen IKE PoleForeman
platform was a milestone in our commitment to advancing structural analysis capability for the
industry. This product innovation, that was shaped with insights from our customer council that
included the Standards Directors from five of North America's ten largest Investor-Owned
Utilities, marked a new chapter for us. We're now focused on transitioning our existing customer
base, which includes six of the ten largest U.S. electric utilities and over 125 additional entities in
the distribution infrastructure space, to this new advanced SaaS platform. The adoption of IKE
PoleForeman by this key client underscores the platform's value & capabilities, and sets a
precedent for further adoption across our expansive customer network in the coming quarters.
Looking ahead, we're poised for significant growth from this new product. We have in place
strategic sales initiatives tied to IKE PoleForeman that targets adding an additional NZ$6-7m in
annual subscription revenue in the next 12 to 18 months. This is just the tip of the iceberg in
terms of growth potential considering our extensive customer base and a largely untapped
market of more than 3,000 North American electric utilities, with many of these utilities yet to
standardize on a structural analysis solution.”


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:
Simon Hins ley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au

Glenn Milnes
CEO
+1 720-418-1936
glenn.milnes@ikegps.com
i k e GP S Group Limited
350 Interlocken Blvd, Suite 390, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com