MISSISSAGA, ON, Sept. 28, 2022 (GLOBE NEWSWIRE) — Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB, OTCQB: SEBFF) announces three new contracts for fiscal year 2022 Did. Canada and America. Overall, his IT budgets for these entities are in the hundreds of millions of dollars annually, and SEB has vendor status to bid on his IT solutions and service offerings.
Minimum Software/Solution Earnings Over $5.7 Million. Professional services earnings of over $70.8 million, including $33.1 million in option years. All contracts are multi-year recurring revenue contracts with terms ranging from 2 to 11 years.
We have also added three new “vendor management agreements” that authorize us to supply ITS software, solutions and services to three entities. These agreements have authorized us to participate in an estimated annual IT budget of over $40 million. Arrangements have terms of up to five years and are generally renewed upon attainment of approved vendor status.
“Following strong signings in 2021, SEB’s new signings for 2022 remain strong,” said John McKim, CEO of SEB. “Contract rollouts typically take several months. We will see some revenue in 2022, but the full revenue and profitability of these new contract wins will not be reflected in our results until 2023. In addition, these new acquisitions are a large base of recurring revenue, currently representing over 90% of contract revenue.Additionally, MarvalNA solutions are contributing to our growing footprint in the U.S. Our pipeline of sales opportunities in both Canada and the U.S. remains very strong in 2022. We anticipate significant continued growth as the year progresses.Our RFP close rate remains at 65%. exceeding, which is consistent with what we experienced in 2021 and significantly higher than a few years ago.”
About Smart Employee Benefits:
SEB is an InsurTech company focused on benefits management technology, driving two interrelated revenue streams: software/solutions and services. We are a proven provider of cutting-edge IT and benefits processing software, solutions and services for the life and institutional benefits market and governments. We use SEB’s own technology and expertise, as well as partner technology, to design, customize, build and manage mission-critical end-to-end technology, people and infrastructure his solutions. We manage mission-critical business processes for over 150 blue chip domestic and international corporate and government accounts. Over 90% of our revenues and contracts are multi-year recurring revenue stream contracts related to government, insurance, healthcare, benefits and e-commerce. Our solutions are supported nationally and globally by more than 600 multi-certified technical experts in a multilingual infrastructure from multiple offices across Canada and around the world.
Our solutions include multiple SaaS solutions, cloud solutions and services, managed services offering smart sourcing (nearshore/offshore), managed security services, custom software development and support, professional services, deep system integration expertise, and We cover multiple areas of expertise including AI, CRM, BI, Portals, EDI, eCommerce, Digital Transformation, Analytics and Project Management. We have over 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations.
Certain information in this release may constitute forward-looking information. In some cases, but not necessarily all, forward-looking information using forward-looking terms such as “plans”, “targets”, “expects”, “does not expect” and “expects” can be identified. , “opportunity exists”, “positioned”, “estimate”, “intend”, “assume”, “predict”, “do not predict”, “believe” or such A variation of a word or phrase, or a particular action, event or outcome, “could”, “could”, “could”, “could” ‘, ‘could’, ‘could’, ‘could’, ‘could’ or ‘achieved’. In addition, statements that refer to expectations, forecasts or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but represent management’s expectations, estimates and projections regarding future events.
The forward-looking information contained in this release represents our current expectations and is subject to change. However, we expressly express our intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. categorically deny.
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All figures are in Canadian dollars unless otherwise stated.
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SEB Contract Winning Exceeds $76.5 Million for Fiscal Year 2022, The Canadian Business Journal
Source link SEB Contract Winning Exceeds $76.5 Million for Fiscal Year 2022, The Canadian Business Journal