1 Sep 2017 07:00
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
01 SEPTEMBER 2017
eg solutions plc ("eg" or the "Company")
Five-year master supplier agreement signed with a leading provider of business process management in the UK
eg solutions plc (AIM: EGS), the back-office workforce optimisation company, is pleased to announce that it has entered into a five-year Master Supplier Agreement (the "Agreement") with a leading provider of business process management in the UK.
Under the agreement with an existing customer, the Company has been appointed as the preferred supplier of back office workforce optimisation solutions for a minimum of five years. All of the pre-existing annual and three-year term contracts will be replaced by the new Agreement along with new licence subscription sales made in the last month which will continue through the five year term. The total contract value over the term will be a minimum of £8.12m including £1.4m incremental revenue.
The net impact on licence revenues in the current year will not be significant. However, the extended term of this Agreement means that the Company's order book of recurring revenues to be recognised beyond the current financial year end will rise to £22.93m, an overall increase of 24% from the financial year ending 31 January 2017. This new five year fixed term contract provides significantly greater visibility of future revenue for all of the Company's stakeholders.
Elizabeth Gooch, CEO of eg solutions, commented:
"We are pleased to announce another significant long-term contract win which not only underpins our future revenue streams but also creates an exciting partnership with a major customer in the UK."
ENDS
CONTACTS
eg Solutions plc | +44 (0) 1785 715772 |
Elizabeth Gooch Michael Woolley | |
N+1 Singer | +44 (0)20 7496 3000 |
Shaun Dobson Alex Price
Yellow Jersey PR Limited | |
Felicity Winkles Joe Burgess | +44 (0) 7748 843871 +44 (0) 7769 325254 |
About eg solutions plc
eg solutions is a back office workforce optimisation software Group. eg pioneered this new market space and developed the most complete, purpose built workforce optimisation software for back offices - the only solution that manages work, people and end-to-end processes wherever they are undertaken, anywhere in the world.
eg solutions' software is now used by leading UK, international and global companies in multiple industry sectors including financial services, healthcare and utilities. Using its forecasting, scheduling, real-time work management and operational analytics capabilities, eg delivers measureable improvements in service, quality, productivity and regulatory compliance. When supported by eg's implementation and training services eg guarantee a return on investment in short timescales.
The Group is listed on AIM, the London Stock Exchange's international market for smaller growing companies (EGS).