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Business Observer Thursday, Aug. 2, 2018 3 months ago

Tech company wins more than $60 million in new work

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FTE Networks secures $61 million in new projects in July, bringing year-to-date total to $302 million in new business.

NAPLES — FTE Networks, a technology company that handles fiber optics, data center infrastructure and other related work for Fortune 100/500 companies, announced it was awarded about $61.4 million in new projects in July. That brings the Naples-based company’s year-to-date total in contracts to approximately $301.9 million, according to a statement. 

The new contract awards cover a variety of projects, including several for a company that provides and manages more than 10 million square feet of office space in more 90 cities worldwide, the release adds. 

A publicly traded company, FTE Networks reported gross revenue of $243.4 million in 2017, an increase of 1,879% over $12.3 million in 2016. 

“This has been a significant month for us. The award contracts include a large project with a global workspace provider that services prominent companies with advanced needs such as Spotify, Microsoft and Dell,” says Michael Palleschi, president and CEO of FTE Networks, in the release. “These awards highlight our business momentum and underscore the continued demand for our infrastructure and technology segments, which, in turn, supports our 2018 revenue and profit optimization objectives.”

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