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On 15 November 2021, CloudCoCo Group plc announced it was awarded a new multi-year managed services contract with a customer in the digital transformation services industry. The contract is valued at approximately £3 million over a period of three years and represents the largest managed services contract signed by the Company since its formation in April 2018.
| Date | 15 Nov 2021 |
| Time | 07:00:06 |
| Category | Corporate updates |
| ID | 3062S |
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
15 November 2021
CloudCoCo Group plc
("CloudCoCo", the "Group" or the "Company")
Significant new customer contract win
· Value of approximately £3m over three years with further upside potential
· Largest managed services contract since CloudCoCo was formed in 2018
CloudCoCo (AIM: CLCO), a leading UK provider of managed IT services and communications solutions to private and public sector organisations, is pleased to announce it has been awarded a multi-year contract with a new customer in the digital transformation services industry which services clients globally.
The contract is valued at approximately £3m over a period of three years with further upside potential. It is the largest managed services contract signed by the Company since CloudCoCo was formed in April 2018 and will see the customer receive a high availability hosted cloud platform solution tailored to its needs and managed 24/7 by CloudCoCo's team of experts.
Mark Halpin, CEO of CloudCoCo, said:
"It has been a busy few months from an M&A perspective, so I'm delighted to be able to follow that activity with a new business win of this magnitude. We look forward to working with our new customer to take their IT infrastructure to the next level."
Simon Duckworth, Non-Executive Chairman of CloudCoCo, added:
"This agreement is a great example of our focus on landing larger and longer contracts that provide greater visibility of revenues paying off. We now have the right infrastructure and team in place to pursue more of these kinds of opportunities, and are confident of making continued commercial progress."
Contacts:
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CloudCoCo Group plc Mark Halpin (CEO) Darron Giddens (CFO)
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Via Alma PR |
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Allenby Capital Limited - (Nominated Adviser & Broker) Jeremy Porter / James Reeve - Corporate Finance Tony Quirke / Amrit Nahal - Sales & Corporate Broking
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Tel: +44 (0)20 3328 5656
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Alma PR - (Financial PR) David Ison Josh Royston Kieran Breheny |
Tel: +44 (0)20 3405 0205
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About CloudCoCo Group plc
Supported by a team of industry experts and harnessing a diverse ecosystem of partnerships with blue-chip technology vendors, CloudCoCo makes it easy for private and public sector organisations to work smarter, faster and more securely by providing a single point of purchase for their connectivity, telephony, cyber security, cloud, IT hardware and support needs.
CloudCoCo has offices in Warrington, Leeds and Sheffield in the UK.