You are using an older browser version. Please use a supported version for the best MSN experience.

IkeGPS targets European sign market

NZN 23/01/2017 Paul McBeth

IkeGPS is targeting Europe's sign market in a new distribution deal spanning 12 countries which the laser measurement toolmaker expects will accelerate sales of its Spike product.

The Wellington-based company has entered into a distribution relationship with Swiss sign and graphics supplier Spandex to sell ikeGPS's Spike product in 12 European countries, it said.

Spike has three core products - cloud-based software, a mobile app, and laser module that attaches to smartphones.

A Spike photo can capture the measures of a sign or graphic location making it easier for sign makers, and ikeGPS had more than 2,000 US sign companies using the product in the 2016 financial year. It has previously projected more than 3,000 new Spike signage customers in the year ending March 31, 2017 with a 60 per cent uptake of the cloud-based subscription service.

"Spandex has an unmatched presence in Europe and we're proud to partner with such a significant and respected industry player," chief executive Glenn Milnes said.

"Our goal is to introduce various new software features over the next one-to-four quarters to add further value to our sign market solution."

In November, ikeGPS reported a first-half loss of $6.8 million - it still expects to break even on a cash basis in the fourth quarter of the 2017 financial year.

The company's shares were unchanged at 34 cents, and have more than halved over the past 12 months.

image beaconimage beaconimage beacon