Adacel Technologies (ASX:ADA) saw its shares rise by a record 16.8% to A$0.660, a peak not seen since May 29.

The company saw a 15% increase, marking its best day since March 8, pending the stability of current gains.

The software firm was recently awarded a new five-year contract by the Federal Aviation Administration (FAA).

The FAA contract is estimated to be valued at $59 million.

The contract adds to a comprehensive range of services linked with the existing installed network of Tower Simulation Systems (TSS), including the maintenance and support of TSS hardware, among other things.

A total of 159,182 shares were traded, 2x compared to the 30-day average volume of 79,638 shares.

Despite the hike, the stock has fallen 31.9% this year as of last close.

Adacel Technologies (ASX:ADA) is a software company that specializes in systems for Tower Simulation Systems (TSS).