Globecomm Systems inks contract with U.S. Army for $9.9M
Shares of Globecomm Systems Inc. (Nasdaq: GCOM) are gaining ground ahead of the opening after the provider of satellite-based communications infrastructure said it was awarded a contract with the U.S. Army’s Communications Electronic Life Cycle Management Command Program for $9.9 million.
The contract is said to include multiple options that if fully exercised over the next three years would value the contract at $87 million.
Globecomm, which will provide a Joint IP Modem, will work with ViaSat Inc. (Nasdaq: VSAT) as a subcontractor for the development and production of the Joint IP Modem.
Shares of Globecomm (GCOM) gained $0.69, or 5.63%, to $12.95 ahead of the opening. Shares of Globecomm have been trading in the range of $$8.02 to $16.49 for the past 52 weeks.
