TIDMJNEO
RNS Number : 7226H
Journeo PLC
08 April 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation (2014/596) which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to time.
8 April 2022
Journeo plc
("Journeo" or "the Group")
GBP9m Framework Agreement based on Software as a Service
Journeo plc (AIM: JNEO), a leading provider of information
systems and technical services to transport operators and local
authorities is pleased to announce a new framework agreement with
First Bus UK ("First Bus") based upon Journeo's Software as a
Service (SaaS) platform (the "Agreement").
The Agreement, which is the Group's largest to date and will
initially run for three-years until March 2025, is expected to
generate GBP9m in revenues and includes an option to extend the
term by a further two-years through to March 2027.
First Bus completed an extensive and successful trial of
Journeo's IoT EDGE vehicle gateway and cloud SaaS portal for the
tracking, video management and remote condition monitoring of
on-vehicle systems. Work will commence immediately on the rollout
across the remainder of their fleet comprising a further 3,300
vehicles, in addition to the 1,200 already connected.
Journeo has been providing safety and security solutions to
First Bus since 2010 and will continue to supply the latest
high-performance CCTV and safety critical digital wing mirror
systems under the Agreement along with technical design, new
technology evaluation and project management services backed up by
nationwide engineering support.
Once the roll-out phase is completed, it will take the total
number of vehicles connected and using Journeo's SaaS platform to
over 13,000.
The contracted revenues under the Agreement were included in
management's expectations of performance for the current financial
year and add to the Company's strong order book, providing further
future revenue visibility.
About First Bus:
First Bus operates around a fifth of local bus services in the
deregulated market outside London and are the second largest
regional bus operator in the UK with a fleet of approximately 5,000
buses. In 2020/21, despite the pandemic, they provided 465,000
passenger journeys a day and serve 40 of the UK's largest towns and
cities including two-thirds of the UK's 15 largest
conurbations.
Since 2010 they have invested in more than 2,000 new buses which
have helped improve punctuality, fuel and cost efficiency and
reduce their environmental impact. As a leader in the transition to
a low-carbon future for public transportation, First Bus have
committed to operate a zero-emission bus fleet by 2035, and do not
plan to purchase any new diesel buses after December 2022.
About Journeo SaaS:
Journeo's cloud-based SaaS solution provides authorised users
with authenticated, high-security access to video and associated
data from any connected vehicle using local Wi-Fi or the 4G
capability of the EDGE vehicle gateway. It is a secure platform for
connecting other vehicle services, where Journeo's machine learning
software provides vital in-service performance data for predictive
maintenance schedules, and the transfer of critical information in
real-time from the fleet to back-office business systems.
Russ Singleton, Chief Executive Officer of Journeo, said: "We
are delighted that First Bus have selected Journeo's cloud-based
video management solution for their entire UK bus fleet. We
designed our SaaS solution specifically for the transport sector
where secure and scalable communications and open-architecture
standards offer a clear path for operators and authorities to
connect assets using a range of IoT gateways and sensors to benefit
from the data insights that it provides".
For further information, please contact:
Journeo plc
Russ Singleton/ Nick Lowe +44 (0) 203 651 9166
Cenkos Securities - Nominated Adviser and Broker
Katy Birkin/Callum Davidson +44 (0) 207 397 8900
Notes to editors:
Journeo plc is a leading information systems and technical
services business focussed on public transport and related
infrastructure within towns, cities, airports, and local
authorities. The Company works extensively with local government
departments, combined authorities, and many of the largest
multinational transport operators, supporting them as systems
converge towards a more efficient and sustainable smarter-cities
future.
The business currently comprises two segments:
-- Fleet operator solutions: CCTV video surveillance to improve
passenger & driver safety, telematics for vehicle and driver
performance monitoring, real-time communications for remote
condition monitoring and automatic passenger counting.
-- Passenger transport infrastructure solutions: design,
manufacture, installation, and management of hardware and software
for electronic public transport information systems, in and around
towns, cities, ferry terminals and airports which includes
smart-ticketing and wayfinding.
In the last 4 years, the Company has invested over GBP5 million
in research and development, enabling it to design and supply
powerful new solutions for customers' complex requirements and the
demands of modern public transport. With an Internet of Things
("IoT") approach and open standards, together with field-proven and
reliable engineering, Journeo is able to offer flexible, scalable
products and services that can integrate with existing technology
while preparing for future advancements.
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