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LONDON (Alliance News) - The Innovation Group PLC Wednesday said it has secured a GBP46 million deal which will result in the company supplying a "rich suite" of products to an unnamed new client which is a UK insurer.
The software provider to the insurance, automotive and property industries said the contract will last for an initial term of 10 years, delivering GBP46 million of revenue, of which around GBP12 million will be realised over the next 12 months.
The client will adopt Innovation's products, including Insurer Policy, Insurer Claims and Insurer Analytics along with a self-service portal. The complete eco-platform solution, including the Insurer suite and several of the client's systems, will be hosted for the duration of the contract in Innovation Group's data centres, Innovation Group said in a statement.
"This contract is the third new business win in the UK this year. This is a major transformation project and has been won through its strategic partner," the company said. "Innovation Group was selected based on the agility, functionality and adaptability of the Insurer platform."
"We believe the growth of this software business will bring more large deals. While the timings of these deals will not always be certain, the medium-term picture for this business looks wholly positive, as Innovation Group stands to benefit from more insurance firms adopting third-party software," said Chief Executive Andy Roberts.
Innovation Group shares rose 2.4% to 32.25 pence per share at the open Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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