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Catenae Innovation’s (CTEA) New Cloud-Based Platform Used By UK Charity, Shares Climb

Updated: 7 Jul 2021

Catenae Innovation (LON: CTEA) revealed on Wednesday that its subsidiary, Hyperneph Software Limited, has developed a cloud-based platform and mobile app that is being used with a charity working in conjunction with public sector organisations.

The agreement is for up to 12 months and is currently on trial in a major UK city with the contract valued at £12,500 for Hyperneph. 

The mobile app is said to enable Hyperneph's customers to introduce an individual to a service provider and subsequently track the progress of their initial engagement.

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If the project is successful, it could be rolled out on a broader scale across the UK, potentially generating recurring income for the group.

Catenae Innovation owns 51% of Hyperneph.

Guy Meyer, CEO of Catenae, said: “Hyperneph's involvement in this pilot programme is showcasing the sophistication of the group's technology and its potential application across a wide range of industries as we diversify away from Covid-related activities to provide digital transformation services and products to a wide range of sectors.

Although we are unable to disclose further specific details of this pilot due to its confidential nature, there is potential for substantive revenue generation for Catenae given that there are sixty-eight metropolitan boroughs in England alone and this service is designed to operate on a borough-by-borough basis.”

Catenae's share price is currently up 2.63% at 0.975p.

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