Aussie IoT company wins Korean utilities contracts
Australian IoT vendor X2M Connect has won two significant overseas utilities tenders.
Korean Water Resources Corporation (K Water) opted for X2M’s wholly owned South Korean subsidiary as the winning tender for two remote water monitoring tenders. K Water is the principal government agency for water resource management in South Korea. The aggregate tender value is approximately AU$1.5m.
The wins solidify the company’s position in South Korea, with a further three municipalities joining the existing 18 already established on the platform. The additional three municipalities represent a total addressable market of 109,744 households and further potential for AU$10m in future contracts.
“It’s an excellent result for our Korean subsidiary on a number of fronts,” said Mohan Jesudason, CEO, X2M Connect.
“Winning our first major mandate with K Water delivers a strong signal of strength and capability setting us up to consolidate and strengthen our leadership position in this market. In addition, replacing existing suppliers shows our competitiveness whilst installing our platform in these municipalities augers well for the future of our SaaS business and opportunities to secure future revenues,” he said.
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