Globecomm Systems (NASDAQ: GCOM), a leading provider of satellite-based communications infrastructure solutions and services on a global basis, today announced that the Company has received a contract extension from a major financial institution in the United States.
Pursuant to the agreement, Globecomm will continue to provide a managed network solution for the customer, including new site installations, operations and maintenance of existing sites and daily network monitoring.
The contract extension is for one year and valued at approximately $1.2 million.
David Hershberg, Chief Executive Officer and Chairman of Globecomm Systems Inc., said, "The Company is excited to continue to provide managed network services for this major financial institution. The service component of Globecomm's business model traditionally provides the Company with a steady, predictable recurring revenue stream."