Crimson Tide secures three-year contract with existing client
By Josh White
Date: Thursday 17 Nov 2022
(Sharecast News) - Crimson Tide announced a "significant" three-year contract with an existing retail client on Thursday with a value of over £1m per annum, more than doubling the annual recurring revenue under the previous contract.
The AIM-traded firm said the contract included an optional break clause at month 24, although it noted that at the end of the new term, the client's relationship and contracts with Crimson Tide would have exceeded 101 years.
It said the value of the 'mpro5' product to the client had evolved from a single use case of the platform to more than 30 processes across the organisation.
"If ever there was an exemplar of how mpro5 can demonstrate its value, this well-known retailer is a beacon," said chairman Barrie Whipp.
"The expansion of use cases for our platform and associated long-term contracted revenue go hand in hand.
"At the same time, our values of partnership, dynamism and teamwork have established mutual trust with the client."
Whipp said the company's team was seeking further efficiencies by evolving mpro5 to provide solutions to both existing and anticipated requirements.
"We continue to add high quality, contracted annual recurring revenue as we increasingly expand our footprint by sector and internationally.
"The enterprise solutions we deliver drive efficiency, which is vital in today's economy.
"Accordingly, the Board believes them to be compelling and ripe for further growth."
At 1258 GMT, shares in Crimson Tide were up 15.76% at 2.37p.
Reporting by Josh White for Sharecast.com.
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