As of the last check in premarket trading, Gilat Satellite Networks Ltd. (GILT) shares rose by 8.86% to $10.94. In the last trading session, Gilat stock closed at $10.05, declining -4.65% or -$0.49. During the day, GILT stock fluctuated between $9.97 and $10.28. A total of 54.14% has been returned by the GILT stock this year. For entering into a multimillion-dollar strategic agreement, GILT stock price has been rising.
What was the agreement for?
GILAT Satellite is one of the leading global manufacturers and providers of satellite-based broadband communications. Engineers at GILT have over 30 years of experience in designing and manufacturing cutting-edge ground segment equipment, providing a comprehensive range of services and solutions, backed by in-house technology. GILT offers high-value competitive solutions including a VSAT network platform that runs on a cloud platform, high-speed modems, mobility antennas, and high efficiency, high power Solid State Amplifiers (SSPA).
Announced today, Gilat has entered into a multi-million dollar strategic agreement with a large government corporation in Asia Pacific, including potential expansions. Connectivity for multiple applications across the nation will be enabled by the equipment and management services contract.
Gilat is responsible for the creation and management of the network, which will provide nationwide coverage for a range of services. The possibilities of cellular backhaul, emergency-response applications, and mobility-based communications include but are not limited to enterprise applications.
In order to meet the government’s requirement for robust connectivity to the country’s remotest quarters, Gilat’s multi-service VSATS Platform, SkyEdge II-c, will fill the gap with its large set of custom-tuned VSATS.
Despite the successful delivery of Gilat (GILT)’s products over the past few years, this partnership is expected to provide robust solutions with its strong technical capabilities, management abilities, and partnerships. In addition, Gilat is committed to helping deliver a high-quality client experience, as mandated by the government corporation, to address the individuals’ needs.