Announcement
First Derivatives : MOU with Utilismart
RNS Number : 8061L
First Derivatives PLC
14 January 2016
14 January 2016
First Derivatives plc
("FD" or the "Group")
FD signs MOU with Utilismart
FD (AIM: FDP.L, ESM: FDP.I), a leading provider of software and consulting services, announces that it has signed a Memorandum of Understanding with Utilismart Corporation, a meter data management and analytics company with more than 100 clients including electricity, water and gas utilities across North America. The MOU is expected to lead to an agreement to use the Group's Kx technology for sensor analytics in conjunction with Utilismart's suite of smart grid software applications, to support the management of Utilismart's customers' meter and sensor data, including data collection, processing and analytic services for engineering, operations, customer service, metering and billing.
Under the proposed agreement, FD will provide the Kx technology and related infrastructure to complement Utilismart's existing solution. This will significantly enhance Utilismart's ability to serve this high growth segment immediately and keep pace with new customer demand related to the Internet of Things connected to utility infrastructure. It will be delivered as a Cloud-based solution and is expected to be installed by Q3 2016 with FD being remunerated on a monthly recurring revenue share basis for additional meters installed.
Utilismart selected the Kx-based solution following detailed evaluation of competing solutions and their ability to capture, store and manipulate big fast data sets. When implemented, the system will provide a significant installed user base for the Group's sensor data platform.
John Avdoulos, President, Utilismart, commented: "Utilities are changing and the utilities of the future will look dramatically different from utilities of today. As more sensors and devices are deployed and as the utility is transformed, the marriage of Utilismart's Online Data Solution and FD's Kx technology for sensor analytics will revolutionise how utilities use data."
Brian Conlon, Chief Executive Officer of FD, commented: "We are delighted to partner with Utilismart and look forward to delivering innovative solutions to its existing and new utility customers. This is a landmark agreement for FD in further propagating the Kx technology. It further evidences our belief that our technology is ideally suited for the processing and analysis of sensor data and will provide reference clients across the Internet of Things, electricity, water and gas industries."
Enquiries
For further information please contact:
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First Derivatives plc Brian Conlon, Chief Executive Officer Graham Ferguson, Chief Financial Officer Ian Mitchell, Head of Investor Relations |
+44(0)28 3025 2242 |
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Investec Bank plc (Nominated Adviser and Broker) Dominic Emery Carlton Nelson Sebastian Lawrence |
+44 (0)20 7597 4000 |
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Goodbody (ESM Adviser and Broker) Linda Hickey Finbarr Griffin |
+353 1 667 0420 |
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Walbrook PR Paul Cornelius / Nick Rome / Helen Cresswell / Sam Allen
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+44 (0)20 7933 8780
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About FD
FD is a global technology provider with 20 years of experience. The Group's Kx technology is used by some of the world's largest finance, technology and energy institutions. FD employs over 1,500 people worldwide and has operations in London, New York, Stockholm, Singapore, Hong Kong, Tokyo, Sydney, Palo Alto, Toronto, Philadelphia, Dublin, Belfast and its headquarters in Newry.
For further information, please visit www.firstderivatives.com
This information is provided by RNS
The company news service from the London Stock Exchange
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