Innovonics rides again with $4.3m QLD Rail contract

Stan Beer
Tuesday, 20 September 2005 18:13

IT Industry - Listed Tech

Mobile security camera systems vendor, Innovonics (ASX:INO), has signed a $4.3 million contract with Queensland Rail for its leading edge transit DVR-100 passenger information system.

Innovonics, which is in the process of being acquired for the bargain basement price of $33 million by US competitor Integrian, in the past three months has won tens of millions dollars worth of contracts to fit out mobile transport systems across the US, EU , UK and Australia. In the process, the Melbourne-based company has beat much larger multinational competitors with superior technology.

Having already completed a successful fit out of one the major lines on the London Underground network, Innovonics is the clear front runner to win a $50 million contract to implement on an on-train security system across the entire London rail transport network.

As part of its latest deal, Innovonics will supply communications equipment to upgrade a part of the Queensland Rail suburban rail passenger fleet. The upgrade will commence early next year and be completed by about the end of 2007.

INO shares were lightly traded and finished down 0.5c at 80.5c - 1.5c lower than Integrian's offer.