Cirrus Networks scores $15 million managed services contract with Icon Water

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Cirrus Networks scores $15 million managed services contract with Icon Water
Canberra's Cotter Dam, controlled by Icon Water.
Credit: Icon Water

ASX-listed managed services provider Cirrus Networks has secured a $15.5 million contract with water and wastewater services provider Icon Water.

The multi-year deal includes the implementation and operation of the network and Information and Communications Technology operations environment, as well as a managed services contract upon completion.

In the ASX announcement, Cirrus said the implementation is expected to be complete within 18 months and the managed services contract will run for three years, with two one-year extension options.

Icon Water is an ACT Government-owned corporation responsible for water and wastewater services for the territory. Previously known as the Australian Capital Territory Electricity and Water (ACTEW) Corporation, the utility also owns part of ACT’s electric utility ActewAGL.

“We are very excited to have been selected by Icon Water as their partner of choice for this implementation and ongoing managed service,” Cirrus managing director and chief executive Chris McLaughlin said.

“We understand the priorities for Icon Water in delivering a technical solution to meet their strategic goals, whilst also ensuring a seamless transition to an ongoing managed service, offering sustainable value through our innovative, agile and customer-focused approach.

“We look forward to working together on their digital transformation journey and building a great partnership.”

Cirrus said the deal is part of Icon Water’s ongoing digital transformation agenda to transition its technology platform and services from a shared services arrangement to a managed services provider.

The company will also be wholly responsible for the build and migration of Icon Water’s ICT and network environment, as well as management of its network, data centre, unified communications, ICT, cloud and associated security services.

Also in the announcement, Cirrus provided an update to its financials, saying it has continued to improve trading performance into Q3 of FY2022, with earnings growth underpinned by upcoming customer wins and focus on higher margin services revenue.

The company said services revenue is up 37 percent year on year for Q3 to date, with professional services up 36 percent and managed services up 37 percent.

“Despite the challenges of the pending federal election and the ongoing supply chain and labour challenges driven by the impacts of the pandemic, strong market positioning of the Canberra and Perth offices along with the continued solid contribution from the Melbourne office should provide a solid foundation for delivery throughout the remainder of H2,” the announcement read.

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