1Spatial wins £4m contract with Ordnance Survey

(Sharecast News) - Tech group 1Spatial has won a £4.2m contract by Ordnance Survey to support a government initiative to build a digital map of underground pipes and cables. The contract, which incorporates licence revenues of £1.5m, is for two years initially with the option to extend for a further three.

The work is part of the government's National Underground Asset Register (NUAR) Data Transformation and Ingestion service, which is set to change how sectors install, maintain, operate and repair buried infrastructure in England, Wales and Northern Ireland.

1Spatial will take data from over 600 public and private asset owners, like utility companies and local authorities, and process it through its 1Spatial Data platform to make information instantly available to all. It's estimated that the project will deliver over £400m each year in economic growth as a result of increased efficiency, reduced asset strikes and fewer public disruptions.

"We are delighted to continue our collaboration with Ordnance Survey Ltd on this nationally significant project, validating the strength of our product offering," said 1Spatial's chief executive Claire Milverton.

"The renewal and upgrade of our role highlight our position as a trusted partner in delivering innovative geospatial solutions that create long-term value for government, industry and the public."

The stock was up 3.7% at 46.66p by 0900 GMT.