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Be the first with the news that moves the market- KWESST Micro Systems (KWE) has received notification of contract award under a joint venture with two other defence industry partners
- The Ottawa-based company will perform software systems engineering work for the Canadian Department of National Defence
- The contract component for KWESST is valued at a minimum of C$4 million annually for a five-year initial contract
- KWESST Micro Systems Inc. (KWE) opened trading at C$3.38 per share
KWESST Micro Systems (KWE) has received notification of contract award under a joint venture with two other defence industry partners.
The Ottawa-based company will perform software systems engineering work for the Canadian Department of National Defence. The contract component for KWESST is valued at a minimum of C$4 million annually for a five-year initial contract followed by five, one-year option years.
Under the joint venture, partners are combining their expertise in the Canadian and international defence command, control, communications, computers, intelligence, surveillance, and reconnaissance domain to offer specialized software development and integration solutions to the Canadian Army.
Work is expected to begin by late summer or early autumn of 2023 and the initial term of the contract runs to May 2028.
KWESST’s Executive Chairman, David Luxton, stated that the contract represents a milestone in the company’s growth strategy as a land tactical digitization development and integration house.
“It embeds KWESST as a vital force development partner for the Canadian Army as it implements its digital modernization strategy.”
He called this a pivotal development in KWESST’s strategy to ramp up revenue and multi-year backlog into 2024 and beyond, for a predictable base of business centred on its digitization capabilities.
“Those Digitization service offerings in turn are already pulling in opportunities to sell Counter-Threat systems, like our digital Battlefield Laser Defence System and our digital Phantom battlefield electronic decoy system.”
KWESST Micro Systems Inc. develops and commercializes tactical systems that meet the requirements of security forces and personal defence for overmatch capability against adversaries.
KWESST Micro Systems Inc. (KWE) opened trading at C$3.38 per share.
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