1Spatial, a London-listed geospatial software company, announced that it has successfully acquired new customers despite extended sales cycles. The investments made in fiscal 2023, as well as at the beginning of the current fiscal year, have played a crucial role in expanding its sales pipeline.
New Customer Wins
1Spatial is pleased to have secured several significant new customers. Among these wins is an initial four-year contract with Belgian water company Societe Wallonne Des Eaux, which includes a four-year extension and a total contract value of 3 million euros ($3.3 million). Additionally, the company has also entered into a contract with the state of Oregon in the U.S., initially valued at $400,000, with several future expansion opportunities in the pipeline.
Focus on Software-as-a-Service Applications
The company identifies its software-as-a-service applications as a transformative growth opportunity and a key area of focus. By leveraging this technology, 1Spatial aims to drive innovation and meet the evolving demands of its customers.
Managing Costs and Ensuring Efficiency
1Spatial remains aware of the challenges presented by the wider macro environment. In response, the company continues to effectively manage its cost base, particularly within its European business, in order to maintain operational efficiency.
Confidence in Future Results
“We believe that our ongoing investments in people and technology have positioned our business for success in the face of significant opportunities ahead. The board maintains a high level of confidence in delivering results for fiscal 2024 in line with current market expectations,” stated 1Spatial.