LoopUp's cloud telephony business wins eight additional contracts

(Alliance News) - LoopUp Group PLC on Tuesday said it has won eight additional direct customer contracts for its cloud telephony unit.

The London-based software provider for remote meetings said that with the eight additional contracts its total number of new direct customer contracts wins in 2021 is now 23.

The new contracts will add a minimum of GBP2.1 million, from the initial commitments, and up to about GBP7.9 million.

"The geographic rollouts involved in most of these contract wins reflects LoopUp's target market for its Cloud Telephony solution: relatively large, relatively international enterprises. To date, all customer deployments have been successful, and all rollouts are progressing positively," the company explained.

LoopUp's total sales pipeline now stands at GBP63 million of potential annual contract value. About 20% of this is at later stages of the sales cycle, the company noted.

"The group's new cloud telephony contract wins and pipeline growth reflect its differentiated value proposition to relatively large, relatively international enterprises, enabling them to work with one vendor partner globally rather than multiple geographic-specific carriers," LoopUp added.

Shares in LoopUp were down 2.0% at 22.30 pence on Tuesday afternoon in London.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.