Innovation rallies on contract win

Property and insurance software group Innovation rallied on news that it has won a contract with a large UK retail bank for both a policy processing software licence and conversion services.The total value of the contract is estimated to be a minimum of £3.7m. The group said the software licence element of £2m will be recognised in September 2009, underpinning current year expectations, with the remaining services revenue recognised during 2010 and 2011. 'We are further cheered by the fact that a major player in the UK retail banking sector, one of the world's most competitive, has signed a multi-year year services contract,' said chief executive Hassan Sadiq.'We believe this deal strongly attests to the completeness and quality of our product and services offering.' Team Internet