Concurrent Technologies Secures Significant Embedded Systems Contract
- Date: 15th June 2023
- Company: Concurrent Technologies
Concurrent Technologies, (AIM: CNC) a world-leading specialist in the design and manufacture of high-end embedded computer and system-orientated solutions for critical applications, announces that it has secured a contract with a UK FTSE 250 company to supply a custom set of embedded systems for a national defence installation.
The contract, valued at c.£1.25 million, marks a significant milestone for the Company. Building on the successful completion of a £200,000 preliminary design contract, Concurrent will deliver embedded systems units through to 2025, with half of the total revenue expected to be recognised in 2023.
In line with the Company’s announcement last year to expand its product offering into the embedded systems market alongside the existing plug-in-cards business, the contract serves as a validation of the Company’s strategy, being its first systems contract surpassing £1 million in total revenue value. Furthermore, whilst Concurrent has an existing relationship for embedded cards with the customer, the addition of embedded systems significantly extended the Company’s reach, enabling it to successfully compete for and secure this opportunity.
Miles Adcock, CEO of Concurrent Technologies, commented:
“This exemplifies how the provision of fully integrated embedded systems generates significant value for our customers. While our plug-in-cards form only a relatively modest proportion of the total deliverables, it is the additional systems integration and real-time software that creates the capability our customer requires. We are pleased to have won this in competition, and I have great confidence in the growth of our embedded systems business.”