The Gentrack Group Ltd (ASX: GTX) share price gained almost 7 per cent on Monday as the ASX tech company announced it had signed a deal with a major UK energy company.
Gentrack stated it had entered into an agreement with Npower to provide the energy company with its Junifer billing and customer management system software.
Gentrack provides "essential operations software and consultancy services to over 150 utilities and airports in 20 countries" and the latest deal with Npower marks a significant milestone for Gentrack.
Npower says it serves around 5.1 million residential and business accounts with electricity and gas, making it a major provider across the UK.
"The signing of this contract provides further evidence of Gentrack's position as a leading provider of essential meter-to-cash solutions to utilities in the UK energy sector," Gentrack stated.
"The go-live is expected in 2018."
The latest deal supports indications that Gentrack, with a market value of about $479 million, is emerging a significant player in the ASX tech world and could soon join the likes of Altium Limited (ASX: ALU) or Appen Ltd (ASX: APX).
The Npower deal adds to the 12 new utility and 9 new airport customers signed-up this year as the company's share price continues its ascent.
Gentrack shareholders have enjoyed gains exceeding 80 per cent this year and Gentrack stock is now trading at around $6.12.
Gentrack, founded over 25 years ago, has a long history of profitable growth which showed continuance when the company reported its financial results for the year ending September 30 2017.
Gentrack stated that its net profit came to NZ$11.8 million, up 23 per cent on the corresponding period last year.
The company also recently upgraded its operating profit guidance for 2017 from NZ$20 million to NZ$24 million, an increase of about 20 per cent.
Gentrack is clearly a company that's worth keeping an eye on.
There's also some other opportunities in the tech sector that are worth exploring.
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