4th Jan 2021 13:52
IDE Group Holdings PLC - Croydon-based cloud and IT managed services provider - Signs a "significant" GBP22.5 million three-year contract with an undisclosed existing customer within its partnership channel. Says the partner will procure services from IDE over the next three years and may extend for another two years if the commitment is not met, with the GBP22.5 million being in addition to the existing GBP5 million per annum of revenue contracted with the partner. Notes the contract was awarded based on the "excellent service" provided by IDE to the partner over the years, with a commitment from IDE to reduce the cost of services across the partner's customer base.
"This contract win further enhances our existing relationship with a long-standing partner and is testament to the excellent service provided by IDE. We continue to believe that IDE is well positioned in the market with a product offering that is well aligned to customer requirements, and this contract is evidence thereof," says Non-Executive Chair Andy Parker.
Current stock price: 2.80 pence
Year-to-date change: up sharply from 0.78p on December 31, 2020
By Zoe Wickens; [email protected]
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