Recent contract wins in the US highlight 1Spatial’s progress in the world’s largest market for software and give an early indication that the investment in strengthening the US team could yield good results. 1Spatial now has contracts or framework agreements with 21 US states, up from 18 at year-end, with management setting a longer-term ambition of generating $1m in annual recurring revenues from each state. Progress continues with 1Streetworks but as yet no new deals have been announced. 1Spatial trades at a discount to peers on an EV/sales basis but at a premium on an EV/EBITDA and P/E basis, reflecting the company’s investment in US expansion and 1Streetworks. The upside from successful execution in these initiatives should be significant.