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Innovation Group PLC Announces South African Contract Renewal


Wednesday, 13 Feb 2013 02:00am EST 

Innovation Group PLC (Innovation Group) announced the renewal and extension of an existing contract in South Africa for one of its software products. The contract, which has been renewed for a three year period, will see Innovation Group continue to deploy its hosted policy and claims software in to one of South Africa's banks. Pricing for the contract is volume based and, on historic billing rates, is expected to contribute between £1.8m and £2.5m to Group revenue over the contract term. The bank client currently uses Innovation Group software in nine African countries where it operates. Across these countries, more than 200,000 policies are carried on the Innovation Group system. Under the terms of the renewed contract, the client now intends to extend the use of Innovation Group's software to a total of 16 African countries over the three year period, with corresponding revenue uplift for the Group as this new volume is added 

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