(Alliance News) - Integumen PLC on Wednesday said it has agreed to the supply of artificial intelligent software across Parity PLC's national health service, central government and private institutional clients.
The AIM-listed company said this agreement creates an opportunity to cross-sell intelligent data management, extracting value using analytics, with a focus on proving return on investment, to Parity's more than 150 institutional clients.
Parity - a consultancy services provider - has made structural changes since the appointment of new chief executive in February. New senior management has reduced high-volume low-margin business to low-volume high-margin multi-line business development. Parity said it expects that its deal with Integumen will deliver a right-sized company with higher margins and increased profitability, leading to improved shareholder value.
"With healthcare sector data growth in 2020 expected to double every 73 days, our clients need to securely manage and extract greater value using analytics and AI in order to make important decisions," said Parity Chief Executive Matthew Bayfield.
Parity shares were trading 2.9% higher in London on Wednesday at 7.20 pence each, while Integumen shares were up 9.6% at 1.94p each.
In addition, Integumen said Rinocloud Ltd - which was acquired in May - reached monthly profitability. therefore, the company said it now expects its revenue for 2020 to be GBP4 million, up from GBP501,000 it generated in 2018.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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