Crimson Tide (TIDE) , the company behind field service management software platform mpro5, has secured its second US contract win with a new client that provides catering services at UNC Health, part of the University of North Carolina.
The initial contract will last 3 years, valued at c.$72,000, with the expectation that this will grow following the initial rollout.
Chairman Barrie Whipp commented, "This contract win extends our reach into the US, further emphasises our strength in the contract catering sector, and, most importantly, helps our client deliver safe and healthy meals to its most in-need patients. We look forward to exploring how we can further help US education providers meet the compliance, auditing and verification challenges of catering in a student environment."
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This second contract win in the US demonstrates Crimson’s successful positioning of mpro5 for expansion in this region following increased investment. In February, Crimson announced its first 3 year subscription contract win in the US, worth £0.25m.
Crimson Tide has been accelerating adoption of mpro5 outside the US, securing two contracts with NHS facilities this year. In April, the company announced the initial contract win with the NHS Trust in the South East of England for c.250k, whereby the implementation of mpro5 would drive efficiencies and savings across the Trust's estates. Shortly after, Crimson won an additional 3-year contract with the NHS in May to add Internet of Things (IoT) sensors, taking the full contract value to over £0.5m.
On Crimson Tide’s outlook, Broker Cavendish Capital Markets said, “We expect the scaling of the recurring revenue base will drive EBITDA profitability in FY24E.”
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