Innovation Group announces £46m software deal with unnamed UK insurer

Innovation Group announced that it has secured a £46m, ten-year deal, in which the software provider will supply a range of products to an unnamed UK insurer.The client will adopt Innovation's insurer policy, insurer claims, insurer analytics and a self-service portal.Furthermore, the complete eco-platform solution, including the Insurer suite and several of the client's systems, will be hosted for the contract's entirety in Innovation Group's data centres.Of the £46m total revenue, £12m will be paid over the next 12 months.The contract marks the third new business win this year and the company remains confident that client growth is sustainable."We believe the growth of this Software business will bring more large deals," said Andy Roberts, chief executive officer, of the company's outlook."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," he added.As of 0845 BST, Innovation was trading 5.6% higher at 33.3p.