16 Aug 2022 07:00
SOPHEON PLC
("Sopheon" or the "Company")
Sopheon and Team Submarine confirm Five-year, $11.2m Enterprise Agreement
Deployment within Naval Sea Systems Command of the US Navy will help modernize engineering, manpower and training processes
Sopheon, the leading international provider of software and services for Enterprise Innovation Management solutions, announced today that Team Submarine, a grouping of submarine programs within the Naval Sea Systems Command (NAVSEA)-the largest of the U.S. Navy's six system commands-will use Sopheon's flagship solution Accolade® to modernize numerous processes related to the engineering of and training for new submarines in a five-year, $11.2 million enterprise agreement.
In the face of changing demands and cyclical technology improvements, Accolade will help Team Submarine modernize and manage its strategy and innovation planning and build alignment between changing strategic plans and innovation initiatives. Accolade will help ensure resources are allocated to the right mix of capabilities and those with the most potential are rapidly developed and delivered.
Accolade will also allow Team Submarine to replace outdated manual training tools and communication channels with a dynamic automated system that will give sailors the most comprehensive and efficient training necessary to operate advanced, highly technical submarines.
The agreement extends Sopheon's partnership with NAVSEA. In 2021, Accolade became the first commercial cloud innovation management platform to achieve Authority to Operate (ATO) for NAVSEA, exceeding the U.S. Navy's rigorous Risk Management Framework. Today's announcement further solidifies Sopheon as a trusted innovation partner for a wide range of governmental organizations.
Achieved following a substantial investment of time and effort, this material five-year arrangement will help to underpin financial goals for current and future years. Further information will be included in Sopheon's upcoming half-year report, due for publication on 24 August 2022.
"Sopheon is delighted to partner with Team Submarine and to extend our growing relationship with the U.S. Government," said Greg Coticchia, CEO of Sopheon. "It is an honor to work with the best on one of the most advanced technology roadmaps known to industry. We look forward to great success in this partnership with Team Submarine and helping them achieve their goals for many years."
For further information contact:
Andy Michuda (Executive Chairman)Arif Karimjee (CFO) | Sopheon plc | + 44 (0) 1276 919 560 |
Carl Holmes/Edward Whiley (Corporate Finance) Alice Lane/Sunila de Silva (ECM) | finnCap | + 44 (0) 20 7220 0500 |
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR").
Sopheon and Accolade are trademarks of Sopheon plc. All other trademarks are the property of their respective owners.
About Team Submarine. Team Submarine is a combination of Program Executive Office (PEO) Strategic Submarine (PEO SSBN), PEO Attack Submarines (PEO SSN), and PEO Undersea Warfare Systems (PEO UWS).The Team Submarine concept divides the single submarine-centric organization into specific PEOs with the goal of enhancing the structures and processes in the submarine research, development, acquisition, and maintenance communities. Team Submarine provides exceptional communication among the various offices that contribute to the overall success of the United States Submarine Force.
About Sopheon. Sopheon (LSE: SPE) partners with customers to provide complete enterprise innovation management solutions including software, expertise, and best practices, that enable them to achieve exceptional long-term revenue growth and profitability. Sopheon's Accolade solution provides unique, fully-integrated coverage for the entire innovation management and new product development lifecycle, including strategic innovation planning, roadmapping, idea and concept development, process and project management, portfolio management and resource planning. Sopheon's solutions have been implemented by over 200 customers with over 60,000 users in over 50 countries. Sopheon is listed on AIM, operated by the London Stock Exchange. For more information, please visit www.sopheon.com.