ITANZ secures $3.5 million telecom technology contract in Middle East

ITANZ Technologies Limited has secured a $3.5 million contract for an Internet of Things (IoT) and analytics rollout for one of the Middle East’s largest telecom operators, the company informed the Pakistan Stock Exchange (PSX) on Friday.

In a notice sent to the exchange, the company said it had been selected as the technology delivery partner for the multi-million-dollar project through its international operations.

According to the disclosure, the total value of the engagement stands at $2.6 million during the initial 24-month deployment phase. The project will be executed in four six-month phases, with payments of $650,000 scheduled for each phase.

Following completion of the deployment programme, ITANZ will provide subscription and managed support services valued at $300,000 annually for three years, taking the total contract value to $3.5 million.

The company said the post-deployment arrangement would include platform access, AI model updates, software upgrades, hardware maintenance, technical support and managed services backed by a network operations centre.

The latest contract follows a series of expansion initiatives announced by the company in recent weeks.

Earlier this month, ITANZ Technologies' board approved an investment of up to 21.857 million Australian dollars (approximately Rs4.344 billion) to acquire a 51% stake in Australia-based ITANZ Infinity Pty Ltd. The transaction, which will be settled over five years, remains subject to shareholder approval at an Extraordinary General Meeting scheduled for June 27.

In May, the PSX-listed technology company signed memorandums of understanding with three Chinese firms during Prime Minister Shehbaz Sharif’s visit to China, identifying potential business opportunities worth approximately $45 million (around Rs12.5 billion).

The agreements with Zhejiang Xiangyue Group, Suzhou Xuqing Intelligent Technology Co., Ltd., and Shanghai Shuhai ZhiLian Digital Technology Co., Ltd. cover cooperation in artificial intelligence, robotics, digital platforms, technology transfer, offshore software services and joint market development.

The company noted that the identified opportunities remain subject to definitive agreements, commercial negotiations, due diligence and regulatory approvals.