Crimson Tide (TIDE) , the company behind the field service management software platform mpro5, has extended its existing contracts with one of the UK's leading educational catering providers. 

Initially piloted in 50 locations in 2021, this increased to 650 in January 2022 and has now been extended to 950 sites across the UK.

This expansion is set to increase monthly recurring revenue by 50%, raising total contracted revenue to £270k for the next 20 months. The deal takes Crimson’s footprint to over 3,000 UK sites, covering 10% of all educational institutions and enabling over 150 million school meals yearly with mpro5.

Crimson also said it had secured a new contract with an existing government body in Ireland that includes a 56% increase in monthly recurring revenue, raising the total value of the new 3-year contract to over €460k.

Barrie Whipp, Chairman of Crimson Tide plc, commented, "Clients extending and expanding their partnership with mpro5 reinforces the value we add to our clients and the benefits they see across their organisations. Building long term relationships with customers, in multiple sectors, supports our message that mpro5 is a scalable solution that can be tailored to many client needs in compliance, auditing and verification."
 

View from Vox 

Today’s news marks Crimson’s further reach into educational catering, building on the recent contract win with a US client that provides catering services to the University of North Carolina.

The extension of contracts announced today represents a significant increase in monthly recurring revenue as well as demonstrating that Crimson Tide's mpro5 solution is being adopted on a larger scale, with a footprint now covering a substantial portion of educational institutions in the UK.

Crimson has been making impressive financial progress in 2023. In its first half results, Crimson's revenues increased by 30.9% to £3.0m, up from £2.3m in H1 2022. Annual recurring revenue was up 35.1% to £5.9m from £4.4m a year ago, and gross margin was largely unchanged at 84.3%. The company swung to an EBITDA profit of £0.1m from a £0.3m loss last year. A notable revenue addition was a significant Internet of Things implementation for an NHS Trust, a validation of its decision to make IoT a major focus area.

Follow Crimson Tide for more News and Updates: