CloudCoCo Regulatory News (CLCO)

adept4 plc ("adept4" or the "Group")

Contract extension

adept4 plc, the AIM listed provider of 'IT as a Service' ("ITaaS"), is pleased to announce that it has agreed a new contract with an existing customer which will run until May 2026 and will be worth in excess of £6 million in total revenue.

The service based organisation has been a customer of adept4 since early 2014, and entered into a seven year contract for services in September 2014 worth a minimum of £2.5 million in total revenue.

Since that time the scope of services provided to the customer has increased and monthly charges have risen materially above the minimum level set in this contract. adept4 currently provides a range of services incorporating IT Helpdesk user support, infrastructure support services (including cloud services), Microsoft SPLA licencing, Microsoft Office 365 and data connectivity - the very definition of ITaaS. In order to facilitate closer collaboration in the future, both parties were happy to replace the existing contract with a new, long-term contract, which has resulted in a ten-year contract that will run until 2026.

Gavin Lyons, Executive Chairman adept4, commented: "We are delighted to be able to announce this new contract with an existing customer. It demonstrates the Group's ability to grow profitable, long-term relationships, which benefit both parties and reflect the high level of service we deliver to our customers."

About adept4

adept4 is seeking to become a leading provider of 'IT as a Service' to the SME sector in the UK, utilising asset light technology and services so that customers always benefit from innovative and aggregated solutions. Our value proposition is focused on helping organisations with their IT strategy, being the single trusted partner to manage the provisioning process and provide superior customer experience and support.

adept4, through a dedicated professional services team comprising software, infrastructure and project management resources, is perfectly placed to transition customers into a fully managed service, supported by a 24x7x365, UK based helpdesk.

adept4 is a Tier 1 Microsoft SLPA and Cloud Service Provider.

adept4 is a public company quoted on the AIM market of the London Stock Exchange with offices in Leeds, Warrington, Aberdeen, Brighton and Northampton.