Instem inks contract with Fortune 500 pharma company
Source - SMW
IT solutions provider Instem said Wednesday that it had won a contract worth about $0.75m to provide its Samarind RMS Software-as-a-Service solution to a leading Fortune 500 medical products and pharmaceuticals company.
The contract is worth approximately $750,000 incorporating both perpetual license and SaaS revenue streams, Instem said. Approximately 80% of the contract value would be recognised in 2018 with annual recurring revenue of US$169,000.
Samarind RMS provides medical device and pharmaceutical companies with a 'smarter' way to manage their product Information.
'This contract win with a global company, which ranks among the top 25 on the Fortune 500, continues the good momentum experienced with our regulatory information management solutions 2017 to date and particularly Instem's success in the medical device field. We are very pleased to be delivering this as a SaaS agreement,' said Phil Reason, CEO of Instem.
At 8:10am: (LON:INS) Instem Plc share price was -1p at 311p