RNS Number : 3398Y
EU Supply PLC
05 December 2017
5 December 2017
EU Supply plc
("EU Supply", the "Company" or the "Group")
Further to its announcement of 5 July 2017, EU Supply (LSE AIM: EUSP), the e-procurement software provider, is pleased to announce that it expects to generate more revenue from its contract with the Norwegian Government Agency for Financial Management (the "Customer") for the use of its CTMTM platform than originally expected.
Pursuant to the terms of the contract, over 200 other Norwegian state controlled entities/operations are able to use the Company's CTMTM platform via the Customer. To date, approximately 40 such entities have expressed an interest in engaging with the Company for its services. With the firm commitments received to date, the Company now expects additional revenues (over and above those stated in the original announcement) under the contract for integrations and other services of a minimum of £150k to be generated in 2018.
In addition, the Company announces that it has signed contracts with the Danish utility companies, "Energifyn" and "HOFOR", for the delivery of CTMTM as SaaS and related services. The contracts are expected to generate, in aggregate, licence revenues and paid for enhancements of approximately £75k from 2018 to 2021.
A copy of this announcement is available at www.eu-supply.com.
Notes to Editors
EU Supply is the UK holding company of the EU Supply Group, a Sweden-based e-commerce business, which has an established, market-leading, multilingual e-procurement platform for esourcing, e-tendering and contract management, tailored for the highly regulated European public sector market.
Since 2006, the Group has invested heavily in employing specialist programmers to add functionality, legal compliance as required and security features to its Complete Tender Management™ ("CTM™") platform to ensure that the Group is ideally placed to secure new contracts with EU Member States and their Contracting Authorities. The platform is available in 16 different languages.
The Directors believe that the Group's CTM™ platform is one of the easiest to use and most functionally advanced solutions available in the market. The CTM™ platform is used by over 8,000 European public sector bodies in 9 EU/EEC Member States and has National Procurement System status in four Member States (the UK, Ireland, Norway and Lithuania).
The Company's shares were admitted to trading on AIM in November 2013. In August and September 2015, the Company raised a total of £2.061m (before expenses) through a placing of new shares and the issue of first and second tranches of Convertible Loan Notes to institutional and other investors.
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