First Bus £9m Framework Agreement
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.
8 April 2022
Journeo plc
("Journeo" or "the Group")
£9m Framework Agreement based on Software as a Service
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 upon Journeo's Software as a Service (SaaS) platform (the "Agreement").
The Agreement, which is the Group's largest to date and will initially run for three-years until March 2025, is expected to generate £9m in revenues and includes an option to extend the term by a further two-years through to March 2027.
First Bus completed an extensive and successful trial of Journeo's IoT EDGE vehicle gateway and cloud SaaS portal for the tracking, video management and remote condition monitoring of on-vehicle systems. Work will commence immediately on the rollout across the remainder of their fleet comprising a further 3,300 vehicles, in addition to the 1,200 already connected.
Journeo has been providing safety and security solutions to First Bus since 2010 and will continue to supply the latest high-performance CCTV and safety critical digital wing mirror systems under the Agreement along with technical design, new technology evaluation and project management services backed up by nationwide engineering support.
Once the roll-out phase is completed, it will take the total number of vehicles connected and using Journeo's SaaS platform to over 13,000.
The contracted revenues under the Agreement were included in management's expectations of performance for the current financial year and add to the Company's strong order book, providing further future revenue visibility.
About First Bus:
First Bus operates around a fifth of local bus services in the deregulated market outside London and are the second largest regional bus operator in the UK with a fleet of approximately 5,000 buses. In 2020/21, despite the pandemic, they provided 465,000 passenger journeys a day and serve 40 of the UK's largest towns and cities including two-thirds of the UK's 15 largest conurbations.
Since 2010 they have invested in more than 2,000 new buses which have helped improve punctuality, fuel and cost efficiency and reduce their environmental impact. As a leader in the transition to a low-carbon future for public transportation, First Bus have committed to operate a zero-emission bus fleet by 2035, and do not plan to purchase any new diesel buses after December 2022.
About Journeo SaaS:
Journeo's cloud-based SaaS solution provides authorised users with authenticated, high-security access to video and associated data from any connected vehicle using local Wi-Fi or the 4G capability of the EDGE vehicle gateway. It is a secure platform for connecting other vehicle services, where Journeo's machine learning software provides vital in-service performance data for predictive maintenance schedules, and the transfer of critical information in real-time from the fleet to back-office business systems.
Russ Singleton, Chief Executive Officer of Journeo, said: "We are delighted that First Bus have selected Journeo's cloud-based video management solution for their entire UK bus fleet. We designed our SaaS solution 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 and sensors to benefit from the data insights that it provides".
For further information, please contact:
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Journeo plc Russ Singleton/ Nick Lowe
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+44 (0) 203 651 9166 |
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Cenkos Securities - Nominated Adviser and Broker Katy Birkin/Callum Davidson |
+44 (0) 207 397 8900 |
Notes to editors:
Journeo plc is a leading information systems and technical services business focussed on public transport and related infrastructure within towns, cities, airports, and local authorities. The Company works extensively with local government departments, combined authorities, and many of the largest multinational transport operators, supporting them as systems converge towards a more efficient and sustainable smarter-cities future.
The business currently comprises two segments:
· Fleet operator solutions: CCTV video surveillance to improve passenger & driver safety, telematics for vehicle and driver performance monitoring, real-time communications for remote condition monitoring and automatic passenger counting.
· Passenger transport infrastructure solutions: design, manufacture, installation, and management of hardware and software for electronic public transport information systems, in and around towns, cities, ferry terminals and airports which includes smart-ticketing and wayfinding.
In the last 4 years, the Company has invested over £5 million in research and development, enabling it to design and supply powerful new solutions for customers' complex requirements and the demands of modern public transport. With an Internet of Things ("IoT") approach and open standards, together with field-proven and reliable engineering, Journeo is able to offer flexible, scalable products and services that can integrate with existing technology while preparing for future advancements.
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