Intermoco wins $3.5m embedded networks deal

Utilities management provider Intermoco (ASX:INT) has won a $3.5 million contract to provide embedded networks to a Melbourne residential property.

Victorian property developer Statewide Developments has tapped Intermoco for the supply of electricity, voice and data services at the in-development Kingsway Towers.

The deal has a five-year term, with the 425 tenant property just now entering the construction phase.

Intermoco provides smart grid style internet-enabled metering and service management solutions, with an emphasis on embedded networks.

Intermoco CEO Ian Kiddle said the company expects to receive an additional $118,000 in capital costs in the third quarter of FY12 once development is completed.

He said Intermoco has a pre-existing relationship with Statewide Developments, and had “now secured a number of long-term contracts in the past 10 months with an increasing stable of strategic partners.”

These include a $2.7 million deal with Buildcorp, and one worth $2.5 million from R Corporation – each also for Victorian properties.

INT shares fell 16.67% to $0.005 on Wednesday, and had stayed flat during Thursday morning's trading.