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Route1

Route1 wins US$20 million NMSO contract from Canadian Government

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Canadian security and identity based services company Route1 (TSX VENTURE:ROI) said it has secured a National Master Standing Offer (NMSO) contract from Public Works and Government Services Canada (PWGSC), enabling government agencies and departments to buy up to USD 20 million worth of Route1’s products and services over a 3 year period.

 

The range of the products and services that Route1 has been pre-approved to supply includes MobiKEY devices, TruOFFICE and other MobiNET subscription based services, which would allow government employees to work from home without running the risk of data leakage.

 

Both TruOFFICE and MobiKEY have been in use by various federal departments for the same purpose.

 

An NMSO contract allows the purchase of products and services for a predetermined price over a certain period of time, for which the demand for such services or products is not yet known.

 

The deal will help Route1 keep the momentum going after landing a USD 8 million deal with the U.S. Department of Homeland Security, boosting its Q2 revenue to an eightfold year on year increase and curbing losses.

 

The company closed with a 6.6% loss on Friday, but jumped by almost 30% shortly after trading began on Monday.

Quick facts: Route1

Price: $0.32

Market: TSX-V
Market Cap: $11.59 m
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