Ceragon Networks Ltd CRNT shares are trading higher after it disclosed a deal with a global integrator for around $150 million to support a network modernization project for a Tier 1 Operator in India.
This customer of Ceragon will be the first to deploy its newest solutions. The agreement consists of planning, product delivery, deployment services, and a multi-year contract for Managed Services that covers day-to-day monitoring, management, and maintenance oversite of the microwave and mmW (millimeter wave) network.
Ceragon is expected to begin delivering and deploying the new sites in the second quarter of 2024, which will be completed within 7-9 quarters, with approximately 75% of the project value expected to be recognized in this timeframe.
The remaining about 25% of the contract value is for Managed Services & Maintenance and is expected to start being recognized within a year from deployment, respectively.
“The scale and scope of this project reaffirms Ceragon’s strong brand recognition as an innovative and trustworthy partner in the wireless transport space. We are excited to take part in providing the citizens of India with the future-friendly connectivity they need,” said Doron Arazi, CEO.
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Price Action: CRNT shares are up 6.19% at $2.48 on the last check Thursday.