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Pinnacle Technology jumps as it enters into a partnership with O2

Sharecast

LONDON (ShareCast) - Pinnacle Technology (LSE: PINN.L - news) has entered into a partnership with O2, part of Spanish telecoms company Telefonica. The AIM-listed telecommunications group said it will join an "exclusive" category of O2's direct partner network and receive "commercially advantageous" terms.

It will provide enhanced IT security to the public sector and the deal will help the company to increase its market demand.

Chief executive Nicholas Scallan said: "Our exciting partnership with O2 is another demonstration of our on-going commitment to offering clients technology, digital products and services that will significantly enhance their business.

"We further believe that being able to offer both existing and new public sector clients PSN-assured services is highly appropriate in the current climate, where cyber security is increasingly important to both the public and private sectors," he added.

The agreement drove Pinnacle's shares up 12.5% to 6.75p on Tuesday at 09:41.