27th Nov 2013 12:13
LONDON (Alliance News) - The Innovation Group PLC Wednesday announced several new contract wins for its software, new business process services agreements and an agreement renewal.
The software and outsourcing services company won three contracts for its Innovation Insurer Software in the US.
The first contract was with a commercial insurer and was valued at GBP1.2 million over five years. The second was with a motor and property insurer worth GBP1.3 million over five years, with benefits of GBP1.1 million to be recognised in 2014. The third was a contract with a personal and commercial insurer for GBP460,000.
It also renewed a two year business process services agreement for GBP7.4 million over two years, of which GBP3.7 million is expected to be recognised in 2014.
Innovation Group said it had secured a number of new business process services agreements within its motor division, which it expects to generate revenues of GBP3.7 million over three years.
The company did not name any of the clients involved.
Shares in Innovation Group were trading up 1.6% at 32.53 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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