Traffic Technologies wins $10 million contract with Procurement Australia
Traffic Technologies will supply traffic signs and safety products to local councils across Victoria.
Australian traffic hardware and software solutions provider Traffic Technologies (ASX: TTI) has been awarded a contract worth up to $10 million to supply traffic signs and safety products to local councils across Victoria.
The contract was signed with leading procurement services company Procurement Australia and is for a five-year period, inclusive of extensions.
The deal involves the supply of directional and instructional signs and safety traffic products to local councils in Victoria and follows recent contracts inked with state government agencies in Tasmania and Queensland.
Traffic Technologies managing director Con Liosatos said the contract with Procurement Australia further secures the company’s initiative in securing recurring revenue streams.
“It embeds our signage and safety products business for up to the next five years until 2026 and facilitates access to the company’s products for local councils in Victoria,” he added.
Leading procurement company
Procurement Australia has been one of the country’s leading procurement services companies for more than 30 years.
It is regarded as a leader in negotiating and facilitating contracts for members and clients across both the private and public sectors.
The company works in partnership with buyers and suppliers to find innovative and sustainable solutions to procurement challenges.
Recent contract wins
Today’s news follows Traffic Technologies’ announcement in late November that it had extended an initial contract with TasNetworks to supply smart city LED street lights in Tasmania to October 2022. This extension provides a further $3 million in street light orders.
A week earlier, Traffic Technologies revealed it had inked up to $9 million in contracts with the Queensland government’s Department of Transport and Main Roads (TMR) to supply hardware and associated software across TMR’s infrastructure network.
The contracts are for an initial five-year term, with two options for further three-year extensions.