$3.9 Million Flows Into InterCloud Systems Inc (NASDAQ:ICLD)


InterCloud Systems Inc. (NASDAQ: ICLD) continues to ink professional service contracts. The company recently secured an additional $3.9 million professional service deals that come in two portions.

The first portion is the $2.4 million service contract InterCloud Systems Inc (NASDAQ:ICLD) recently received from its existing clients. The work relates to supporting managed services and next generation network deployment. The company did name the existing clients who contributed the $2.4 million contract but hinted it was a sign that it could continue squeezing benefits from its current installed base.

The second portion of the professional services work is a $1.5 million deal related to service deployments from some Tier-1 service providers.

Influx of business from existing clients

Besides the above two, InterCloud Systems Inc. (NASDAQ: ICLD) has recently announced several other fresh contracts from its existing client base. That prompted the CEO, Mark Munro, to say that the ongoing network upgrades and expansion was generating an influx of new contracts for the company from its existing client installed base and expressed hope that more deals were on the way.

Demand appears particularly strong for InterCloud’s managed services.

Financial report

Although InterCloud Systems Inc. (NASDAQ :ICLD) is seeing a stream of new orders for its network solutions, the company is late with its 1Q2016 filing. That has promoted a letter from NASDAQ informing the company that it was not compliant for continued listing on the stock market.

But the management said they were in the process of filing the results and regaining NASDAQ compliance. InterCloud Systems Inc (NASDAQ:ICLD) said it had tapped a new auditor to help it file the results as soon as possible. But it was to reply to NASDAQ regarding the noncompliance letter and hoped that the stock exchange market would allow it 180 days to put its house in order concerning the continued listing compliance.

Stock rating InterCloud Systems Inc. (NASDAQ: ICLD)

Filing delays notwithstanding, analysts at Aegis recently reaffirmed their BUY rating on the stock of InterCloud Systems Inc (NASDAQ:ICLD).


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