Contract renewals worth $1.5m
Rosslyn Data Technologies plc has secured contract renewals totaling $1.5 million over three years with two long-standing customers. A multinational medical devices company renewed its license for three years, worth $1.2 million, and will adopt the Artificial Intelligence Classification Engine (AICE) for the first time, marking the fifth commercial adoption of this AI tool. Additionally, a leading media and entertainment company renewed its annual license for one year, valued at $0.3 million. These renewals, particularly the AICE adoption and the substantial spend under management by these global organizations, position the company positively as it approaches its new financial year.
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Rosslyn (AIM: RDT), the provider of a leading cloud-based spend intelligence platform, is pleased to announce that it has secured contract renewals with two of its long-standing customers, which are worth a total of $1.5m over a three-year period:
· A multinational medical devices and healthcare company headquartered in the US has signed a three-year renewal of its annual licence to utilise the Rosslyn platform. The customer will also adopt the Company's Artificial Intelligence Classification Engine ("AICE") tool for the first time as part of the renewal. The renewed and expanded contract is worth a total of $1.2m over the three-year period, which includes an uplift in licence fee and the addition of the AICE module. This represents the fifth customer to commercially adopt AICE, which uses AI to automate procurement data categorisation and classification.
- One of the world's leading media and entertainment companies has signed a one-year renewal of its annual licence to utilise the Rosslyn platform for $0.3m.
Paul Watts, CEO of Rosslyn, said: "We are pleased to have extended our relationship with these two long-standing customers and also to see further uptake of AICE as the commercial momentum with our AI solution continues to grow. With both customers being substantial global organisations with over $20bn in annual spend under management, securing these contracts is testament to the strength of our platform and our ability to generate value for complex enterprises. In addition, these contracts, combined with the completion of our recent fundraising, put us in a positive position as we approach our new financial year."
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