X2M Connect Limited secured a new customer in the South Korean water monitoring market with a contract value of approximately AUD 1.13 million. This brings the number of Enterprise and Government customers across the X2M group to 51 and the number of South Korean municipalities utilising the X2M IoT platform to 27. The contract is for water monitoring and control for the city of Yeosu.

This contract is for the deployment of the X2M IoT platform, server equipment in the city's data centre and monitoring of 4,280 households. The deployment is to be completed within twelve months of the date of contract. The total addressable market of Yeosu City is approximately 42,000 households.

These households provide the potential for approximately AUD 4.5 million of revenue in the future if X2M was successful in securing contracts to monitor all these households.