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Posted on August 19, 2019 by staff

IoT firm wins contracts worth £10m

North East technology firm Vianet has won three new contracts in its smart machines division.

The company provides data analytics to vending machine companies and pubs, using its technology to link machinery to the internet and to track data and customer spending patterns.

Its products include its iDraught software, which is used by pubs and bars to track information about its sales. The software can be used to improve stock levels and increase sales.

The Stockton company has finished negotiating the deals, which will see Vianet cover 20,000 units and earn £10m. The work will be carried out over three to five years.

“We are pleased with the contract wins, which are evidence of the group’s positive start to the year,” said chairman James Dickson.

Vianet also announced the promotion of commercial operations director Craig Brocklehurst to head up the company’s smart zones division, which focuses on its pub work.

In a statement to investors, Vianet added that trading for the first four months of the 2019/20 financial year had been in line with expectations.

Following the announcements, Vianet’s share price increased from 118p per share to 120p per share.