26th Jun 2014 10:55
LONDON (Alliance News) - SQS Software Quality Systems AG said Thursday that it had won contracts and contract extensions worth around EUR60 million towards the end of the first half of its financial year.
The software testing and services company won a two-year contract extension with a European head-quartered bank worth more than EUR30 million, and a managed services contract extension worth EUR15 million with a European telecommunications company.
It won new contracts with a number of companies, including a deal with a European bank worth an initial EUR10 million, a deal with a UK utility worth EUR3.7 million, and contracts with a Central and Eastern European insurance company and with US car and car parts producers.
The company said that the contract wins showed it was progressing with its strategy of focusing on larger, long-term contracts, which leads to improved revenue visibility.
SQS said its recent acquisition of Thinksoft Global Services Ltd had been key in helping secure and enhance value to a number of the contracts.
"As we continue to build scale we hope to be able to secure ever larger contracts going forward and we are confident of announcing further successes in the future," said Chief Executive Diederik Vos in a statement.
The company's financial years are the same as calendar years, so its first half ends June 30.
Shares in SQS were trading up 1.2% at 516.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SQS Software Quality Systems AG