£10m Framework Agreement
Journeo secures £10m three-year framework agreement with First Bus for SaaS platform and CCTV services.
- Framework Agreement value £10m
- Agreement term Three years through to March 2028
- Extension option Further two years through to March 2030
- First Bus fleet size More than 5,750 vehicles
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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 on Journeo's Software as a Service (SaaS) platform (the "Agreement"). This Agreement follows the £9m Framework Agreement entered into with First Bus in April 2022.
The Agreement is expected to generate £10m in revenues and will initially run for three-years through to March 2028, with an option to extend the term by a further two-years through to March 2030.
First Bus, one of the UK's largest bus operators, recently acquired RATP London and now operates as First Bus London. This acquisition increased their fleet by around 1,000 buses, taking them to more than 5,750 vehicles nationwide, of which over 10% are zero-emission electric buses. First Bus are dedicated to operating a zero-emission fleet by 2035.
The Agreement comprises the provision of Journeo Portal SaaS for the secure movement and processing of video, vehicle gateway and data services, CCTV system upgrades and extended field service management. These services will be provided alongside the supply and installation of CCTV and Journeo's digital wing mirror technology on new vehicles.
The Journeo Portal has been developed 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 to benefit from the data insights that it provides.
Russ Singleton, Chief Executive Officer of Journeo, said: "We are delighted to continue our relationship with First Bus, which began in 2010. The Agreement is built on Journeo technology to transform the management of vehicle CCTV and remote asset monitoring information. We are excited to be part of the journey with First Bus as they expand their operations and accelerate towards decarbonised public transport".
A digital copy of this announcement will be available on the Group's website: www.journeo.com.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.