The Ava Risk Group Ltd (ASX: AVA) share price is edging higher today after the company announced that it has won a multi-site rail contract award.
At the time of writing, shares in the risk management services and technologies company are up 2.9% to 52.5 cents.
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Ava Risk's latest contract
Investors are pushing the Ava Risk share price higher following the company's latest contract win.
In this morning's release, Ava Risk announced it has secured a $1.84 million deal to deploy its Aura Ai sensing solution to a number of major rail facilities in South America.
Aura Ai-2, developed by Future Fibre Technologies (FFT), is an advanced and versatile perimeter intrusion detection system. The product platform applies artificial intelligence to detect and locate intruders who climb, cut or lift perimeter fences.
The company's Aura Ai sensing product will be installed across a multi-site program to upgrade security systems. This will be completed by fully-integrating the package with the customer's existing video management software and CCTV system.
Ava Risk noted that its first purchase order has already been received, valued at $0.61 million. The initial rollout is scheduled for early Q4 FY21, with the remaining sites completed before the end of the quarter.
Word from the manager
Ava group CEO Rob Broomfield welcomed the deal, saying:
FFT Aura Ai-2 was the solution selected to protect the rail sites, due to our exceptional event classification capability, extended sensing distance, and cut resilience capability.
A further key factor in the contract win was FFT's previous success in protecting railway infrastructure and the company's strong reputation across the broader transportation sector.
Ava Risk share price summary
The Ava Risk share price has jumped to more than 400% over the past 12 months. However, its shares are down around 10% year-to-date.
Based on the current share price, Ava Risk has a market capitalisation of $123.2 million, with 241.6 million shares outstanding.
