RedstoneConnect wins 3-year contract extension

(ShareCast News) - RedstoneConnect has won a three-year contract extension to an existing managed services contract for one of the world's largest financial institutions, valued at £2.8m a year."This contract extension further reinforces our continued progress in evolving the group's financial model to a more annuity-based revenue stream from both our existing customer base as well as from new clients," said chief executive Mark Braund.The contract would see RedstoneConnect provide IT infrastructure management services across a number of campus buildings in support of more than 17,000 UK-based employees, nearly 25,000 desktop assets and an average of 10,000 desktop moves every year. At 12:23 BST, shares in RedstoneConnect were up 1.67% to 1.52p.