Micro-cap IoT solutions company, Constellation Technologies soared over 20% on Friday after it announced that it has signed agreements with two significant partners, Fujitsu Australia and Brisbane based QTEQ.
Constellation is now accredited to supply its full suite of services to Fujitsu and its clients for a minimum of three years. It will licence its MCT Platform direct to end-clients of Fujitsu. Fujitsu has strong deployment capability in the technology market allowing it to win and complete large-scale projects in the area of Smart Cities. Constellation will work with Fujitsu under the agreement to design IoT solutions, including bespoke sensors, software builds and integrations.
The company received its first purchase order from Fujitsu for an initial quantity of smart drain sensors. Smart drains are expected to be a common element in Smart City initiatives whereby sensors are deployed to remotely monitor for blockages and thus provide maintenance efficiencies as well as avoid hazards. While the initial purchase order is not incrementally financially material, the company anticipates that the agreement may lead to financially material orders being received in the future.
CT1 CEO, Kartheek Munigoti said, “Being admitted as a supplier to one of the world’s largest technology companies is a major testament in our ability to support major IoT projects and paves the way for the scaling of our commercial endeavours. Under this MSA, we anticipate delivering a range of novel IoT projects at scale through pairing our technologies with Fujitsu’s commercial and deployment reach”.
Constellation also made its first licence sale in Australia of its proprietary MCT Platform to QTEQ for a minimum of three years. Brisbane based QTEQ’s ‘Surface’ division designs and builds disaster alert monitoring systems and delivers digital solutions to the energy, minerals, water and public sectors that minimise environmental impacts and safeguard communities from natural disasters. QTEQ has a portfolio of clients including major global infrastructure service and energy providers, resources companies, water utilities and local and state government bodies.
QTEQ selected Constellation’s MCT platform to underpin their digital offering through facilitating the ingestion, processing and presentation of data that initially includes receiving sensor, video and image data from a network of remote monitoring solutions, cameras and intelligent signage.
The projected annual revenue under the QTEQ licence agreement for FY22 is approximately 10 to 15% of historical audited financial revenues, Subsequent years revenues will be similar to the first year. The revenues are therefore considered financially material
CT1’s CEO, Kartheek Munigoti said, “We are delighted that QTEQ has chosen to licence the MCT Platform and provide it as a whitelabel platform solution for their clients. Achieving licencing sales is a key milestone in the commercialisation of the MCT platform and a testimony to its technical capabilities.”