Smarttech247 secures $4.2m in new and renewed contracts

(Sharecast News) - Smarttech247 announced on Thursday that it has secured $4.2m in new and renewed contracts across multiple sectors, bolstering its annual recurring revenue and expanding adoption of its AI-driven VisionX cybersecurity platform.

The AIM-traded firm said the agreements spanned one to three years, and included clients in the pharmaceutical, automotive, financial, and industrial sectors.

Key wins included a $2.87m three-year renewal and service expansion with a global pharmaceutical customer, a $0.41m one-year renewal with a US automotive firm, a two-year renewal with an Irish financial services client, and a new three-year contract with a US-based industrial group.

The company said the contracts underscored strong demand for its managed detection and response services, and supported its continued sales pipeline growth.

New risk management features had also been added to the VisionX platform to enhance its enterprise offering.

"At Smarttech247, a core part of our growth strategy is to drive annual recurring revenue by focusing on long-term, multi-year agreements, increasing the renewal rate of our shorter-term engagements, and upselling additional cybersecurity services," said chief executive officer Raluca Saceanu.

"Securing and renewing these key contracts reinforces this strategy and our continued success in securing long-term revenue streams positions us strongly for future expansion."

Saceanu said that in a climate of rising cyber threats, businesses across industries were rightly placing cybersecurity at the top of their agendas.

"These recent multi-year wins are a strong endorsement of the trust our clients place in us to protect their digital operations."

At 1227 BST, shares in Smarttech247 Group were up 3.87% at 8.05p.

Reporting by Josh White for Sharecast.com.