Sky soars on $US30m contract
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Shares in Sky and Space Global have soared after announcing it had secured a $US30 million ($40 million) contract for a Nigerian company to use its nanosatellite technology for the next five years.
Under the agreement, BeepTool, which is a messaging and payments application based in Nigeria, will use Sky’s communication bandwith software system following a successful pilot trial of the technology in October.
BeepTool will run a field trial as a condition of the agreement to ensure the application functions appropriately across the Sky network.
Sky shares were up 28 per cent to be trading at 20 cents each at the close.
The contract includes advance fixed payments for end user devices, as well as payments per usage of the services with certain minimum usage commitment.
Sky managing director Meir Moalem said the company was pleased to lock in the contract.
“This is another step forward for us as a business, with a substantial financial investment from a key partner,” he said
“The contract with BeepTool provides a strong validation of our business and technology capabilities and demonstrates their confidence in our ability to deliver on our promises.”
BeepTool chief executive Precious Ada Enoh praised the partnership.
“Our work with SAS so far has built our confidence in their business potential and technology capabilities and we look forward to working together to drive financial inclusion in Africa and other emerging markets across the world,” he said.