SQS Software Quality Systems AG Share News (SQS)

LONDON (Dow Jones)--SQS Software Quality Systems AG (SQS.LN), a pure play supplier of independent software testing and quality management services, Friday it signed a significant new Managed Services contract with an existing client, estimated to be worth at least EUR15 million over a period of three and half years. MAIN FACTS: -This is the biggest single client contract ever signed by SQS. -Under the terms of the contract, SQS will provide a comprehensive set of services including test management, design, execution and evaluation of test cases and test documentation. -In addition to local onshore consultants, SQS will engage, to a significant degree, its offshore Test Centre in Cairo, Egypt. -The contract is not expected to make a significant contribution to revenue in the current year. -Total order intake for Managed Services (including the above contract) in the year to date stands at approximately EUR40 million, compared to the EUR15 million reported at the time of the Company's AGM on May 26. -Of this, the Company expects approximately EUR9 million will be recognised in the current financial year. -Shares closed Thursday at 181.5 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires July 30, 2010 02:52 ET (06:52 GMT)