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MTI Wireless Edge Ltd on Monday said that its Distribution & Professional Consulting Services division has won a three-year contract with the Israeli Ministry of Defence.
MTI is an Israel-based communication and radio frequency technology company.
MTI said that the contract, expected to be worth $1.4 million per year, has an option to be extended for a further four years. In this case, it will be worth $10 million over seven years.
The contract was won by PSK Wind Technologies Ltd, a company that specialises in ‘the development, manufacture and integration of communication systems and advanced monitoring and control systems for the government and defence industry market’. MTI acquired a 51% stake in PSK in January of this year.
MTI added that PSK has worked for the Israeli MoD for over seven years, with this contract being a continuation of the same services.
MTI Chief Executive Officer Moni Borovitz said: ‘This is a significant contract win and on a seven year basis it is the most valuable contract that the group has ever won.
‘The MOD is a tier one defence customer and we are delighted that they wish to retain PSK's services for at least three years and we would anticipate completing a full seven year term, given that PSK and the MOD have a history of working closely together in the relevant areas,’ Borovitz added.
Shares in MTI were up 3.7% to 57.16 pence each in London on Monday morning.
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