Tribal Group inks multiple cloud contract wins

(Sharecast News) - Software and services provider Tribal Group said on Monday that had secured a series of cloud contract wins, demonstrating the attraction of its "expanding range of cloud offerings".
Tribal said the new agreements had a combined total contract value of £7.1m and were expected to deliver an incremental annual recurring revenue run rate of nearly £1.2m by the end of 2022.

The AIM-listed group said its first agreement was a £3.5m, five-year contract with existing customer, the University of Warwick, with new customers Solent University and the University of West London also awarding Tribal contracts to implement its SITS:Vision product as their new student management system.

Tribal added that Semestry, the group's recent acquisition, had secured "a significant win" with a new customer for its cloud scheduling product at the University of Leiden in the Netherlands.

Chief executive Mark Pickett, Tribal's CEO, commented: "I am delighted to welcome three new customers to Tribal, and delighted that the University of Warwick, one of the top research and teaching universities in the world, has selected our cloud service for the ongoing provision of their core student administration service.

"With a growing recognition across the global education sector of the benefits the public cloud can provide, we are excited by the opportunity ahead."

As of 1010 BST, Tribal shares were up 1.96% at 104.0p.