Last checked at 2 Aug 2021 07:00
02 August 2021
Tribal Group plc
("Tribal" or "the Group")
Multiple Cloud Contract Wins
Universities of Warwick, Solent, West London and Leiden to adopt Tribal's cloud offerings
Tribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to announce a series of cloud contract wins, demonstrating the attraction of the Group's expanding range of cloud offerings to the education market. The contracts have a combined Total Contract Value of £7.1m, and are expected to deliver an incremental Annual Recurring Revenue run rate of nearly £1.2m by the end of 2022.
University of Warwick
Tribal has signed a £3.5m, 5-year contract with its existing customer, the University of Warwick, to migrate its current Student Management System (SMS), SITS:Vision, to the Tribal:Cloud, providing an improved student experience and delivering operational efficiencies for the university. The incremental revenue from the contract is £2.3m and includes incremental Annual Recurring Revenue approaching £0.5m per year. Implementation of the contract has commenced, with ARR expected to be recognised from end of Q1 2022.
Solent University and University of West London
Solent University and the University of West London, both new customers to the Group, have awarded contracts to Tribal to implement SITS:Vision as their new Student Management System, delivered as-a-Service from the Tribal:Cloud.
University of Leiden
Meanwhile, Semestry, the Group's recent acquisition, has secured a significant win with a new customer for its cloud Scheduling product at the University of Leiden in the Netherlands.
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. It is a strong endorsement of the validity of our cloud-first strategy that the universities of Warwick, Solent and West London have all selected the Tribal:Cloud. With a growing recognition across the global education sector of the benefits the public cloud can provide, we are excited by the opportunity ahead."
Tribal Group plc | Tel: +44 (0) 117 311 5293 |
Mark Pickett, Chief Executive Officer | |
Diane McIntyre, Chief Financial Officer | |
Investec Bank plc (NOMAD & Joint Broker) | Tel: +44 (0) 20 7597 5970 |
Sara Hale, Virginia Bull, Will Godfrey | |
Singer Capital Markets Limited (Joint Broker) | Tel: +44 (0) 20 7496 3000 |
Shaun Dobson, Tom Salvesen, Alex Bond | |
Alma PR | Tel: +44 (0) 203 405 0205 |
Caroline Forde, Robyn Fisher, Molly Gretton |
About Tribal Group plc
Tribal Group plc is a pioneering world-leader of education software and services. Its portfolio includes Student Information Systems; a broad range of education services covering quality assurance, peer review, benchmarking and improvement; and student surveys that provide the leading global benchmarks for student experience. Working with Higher Education, Further and Tertiary Education, schools, Government and State bodies, training providers and employers, in over 55 countries; Tribal Group's mission is to empower the world of education with products and services that underpin student success.