Connected IO has expanded its customer base by securing a purchase order valued at AUD$270,000 for its wireless “internet of things” devices from a US based cyber security firm amid continued robust revenue growth at the Perth-listed company.
In a statement to the market on Thursday, ASX-listed Connected IO said the cyber security firm, which services the healthcare, retail and hospitality sectors, had also indicated further monthly purchases of around AUD$160,000 were possible through calendar year 2017.
According to the company, there is also potential for additional bolt on revenue from the selling of cloud-based management software for the devices.
Connected IO already boasts an amazing array of blue chip customers for its various internet of things solutions. These include Coca-Cola, US telcos Verizon and AT&T, Vodafone, The Red Cross, Cisco, and some Police departments.
They have all worked with the company since it was back-door listed by Perth connections last year.
Connected IO chief executive Yakov Temov said: “The purchase order reinforces the company’s wireless communications solutions and strengthens key commercial relationships for the company”.
Thursday’s announcement also follows strong revenue growth at the ASX-listed junior, with the company posting a 126 per cent lift in revenues during the December quarter with management confident of further significant increases in 2017.
Connected IO is currently pushing ahead with its foray into the so-called internet of things sector which describes products and services that can assist the ballooning number of people worldwide who want to take advantage of connecting everyday items to the internet.
The company provides modem like hardware devices that have a myriad of internet connectivity applications and they also offer software solutions for customised cloud management interfaces and a variety of support services.
Earlier this month, the wireless technology company announced the release of the latest version of its live streaming body camera, which is slated for launch in both Australian and US markets in 2017.
By Matt Birney
