Inpixon (NASDAQ:INPX) has received a $2.5 million purchase order from a leading Fortune 500 health insurer. Under the terms of the agreement, the data-analytics company is to design and deliver a modernized platform that the insurer will use to handle its claims processing process.
Inpixon $2.5 Million Deal
Inpixon (NASDAQ:INPX) has already started working on the development of the new platform which it says will be highly scalable and flexible as per the client’s requirements. The platform will also be developed with a view to reducing costs for the customer while also being better equipped to respond to growing information technology needs.
“Businesses across industries are finding value from Inpixon’s solutions. This is one example of how we are delivering on the promise of our technology solution in a variety of vertical sectors,” Chief executive officer, Nadir Ali, in a statement.
The platform under development will also be used to migrate one of the client’s business data centers from a co-located data center to a newly expanded data center. The signing of the purchase order comes on the heels of the company’s subsidiary, Inpixon Federal, being awarded a contract renewal for its Information Technology Acquisition Program by the Federal Bureau of Investigation.
FBI Contract Extension
The Federal Bureau of investigation contract renewal is part of a $450 million IDIQ contract expected to go a long way in bolstering Inpixon (NASDAQ:INPX)’s revenue base. Under the terms of the new contract, the data analytics company is to furnish the law enforcement agency’s headquarters and field offices with technology refreshes on existing information technology equipment.
Inpixon (NASDAQ:INPX) is also to provide the government agency with extended maintenance of the equipment as well as help in processing equipment orders. The FBI is not the only government agency that the company has a contractual agreement with. Some of the company’ notable federal contract include Army ADMC-2, NASA SEWP V as well as a subcontract for EITS with the Army.
Separately Inpixon says it will post its financial results for the first three months ending March 31, 2017, on May 11, 2017. The company also plans to host a conference call to highlight its first quarter corporate development as well as its long-term plans.
Inpixon (NASDAQ:INPX) was a big disappointment in Tuesday trading. The company’s stock was down by 34.68% – closing at $2.90 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.