Last checked at 23 Mar 2017 07:00
Craneware plc
("Craneware", "the Group" or the "Company")
Significant Contract Win
23 March 2017 - Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, is pleased to announce a significant new contract with a large hospital operator in the US.
This win, with an existing customer, adds further Value Cycle solutions and related services to a seven year contract originally announced in April 2014. The contract is expected to deliver a further $3.7m of revenue over this new seven year term as the hospital network rolls out these additional solutions across its facilities and $1.5m of additional revenue as the contract for the currently implemented solutions is extended to run co-terminus to this amendment.
In accordance with the Company's revenue recognition policy, the majority of the revenue resulting from this contract will be recognised over future periods, adding to the Group's long term visibility of revenue under contract.
Keith Neilson, CEO of Craneware plc, commented, "The strategic importance of Craneware's Value Cycle solutions allow us to add new customers and deepen our relationship with our existing customers as both groups address the challenges resulting from the continued evolution to the new value based re-imbursement environment. The extension of the solution set provided to this customer and increasing the duration of the original contract underlines the value our solutions bring to our customers. We have a very positive relationship with our customers, demonstrating sustainable value; we now look forward to this extension of our working relationship with this customer to over a decade."
For further information, please contact:
Craneware plc | Peel Hunt | Alma |
+44 (0)131 550 3100 | +44 (0)20 7418 8900 | +44 (0)208 004 4218 |
Keith Neilson, CEO | Dan Webster | Caroline Forde |
Craig Preston, CFO | Adrian Trimmings George Sellar | Hilary Buchanan Robyn McConnachie |
Josh Royston | ||
About Craneware
Craneware enables healthcare providers to improve margins and enhance patient outcomes so they can continue to provide quality outcomes for all.
Craneware is the leader in automated value cycle solutions that help US Healthcare provider organisations discover, convert and optimise assets to achieve best clinical outcomes and financial performance. Founded in 1999, Craneware is headquartered in Edinburgh, Scotland with offices in Atlanta, Boston and Phoenix employing over 250 staff. Craneware's market-driven, SaaS solutions normalise disparate data sets, bringing in up-to-date regulatory and financial compliance data to deliver value at the points where clinical and operational data transform into financial transactions, creating actionable insights that enable informed tactical and strategic decisions. To learn more, visit craneware.com and thevaluecycle.com.