Asset Vision Co (ASX:ASV) secured a five-year contract by Westernport Region Water to implement a new asset management information system, with the initial five-year term valued at AU$1.5 million, according to a Monday Australian bourse filing.

Westernport Water also has the option to extend the contract for two additional periods of up to two years each.

The contract will commence on August 1.

The company's shares fell 5% in recent Monday trade.