(Alliance News) - KRM22 PLC said Thursday its real-time risk management software, Enterprise Risk Cockpit, signed a "significant" new customer contract.
The contract is an "important milestone", KRM22 said. The deal - part of the company's previously announced near term pipeline - takes its annual recurring revenue to GBP4.2 million, increasing to GBP4.3 million in 2020.
At June 30, the company's annual recurring revenue stood at GBP4.1 million.
"The customer will use the Enterprise Risk Cockpit to enhance its enterprise risk management framework and processes globally. The Enterprise Risk Cockpit will capture key linkages between business processes, risks, controls and events, allowing the customer to monitor and manage its enterprise risk profile," KRM22 explained.
Chief Executive Keith Todd added: "This new customer contract is an important milestone for us, as the first major win for the Enterprise Risk Cockpit since its launch in March this year."
He continued: "This contract win shows further validation of the approach we are taking and businesses growing need to reduce the cost and complexity of risk management."
Shares in KRM were untraded in London on Thursday but last closed at 52.50 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Krm22 Plc (KRM)