Cloudcoco Group PLC Significant New Customer Contract Win (3062S)

TIDMCLCO

RNS Number : 3062S

Cloudcoco Group PLC

15 November 2021

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 GBP3m 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 GBP3m 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:

 
 CloudCoCo Group plc                                     Via Alma PR 
  Mark Halpin (CEO) 
  Darron Giddens (CFO) 
 Allenby Capital Limited - (Nominated            Tel: [phone] 
  Adviser & Broker)                                             5656 
  Jeremy Porter / James Reeve - Corporate 
  Finance 
  Tony Quirke / Amrit Nahal - Sales & 
  Corporate Broking 
 Alma PR - (Financial PR)                        Tel: [phone] 
  David Ison                                                    0205 
  Josh Royston                                [e-mail] 
  Kieran Breheny 
 

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.

www.cloudcoco.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

CNTBIBDBRGBDGBS

(END) Dow Jones Newswires

November 15, 2021 02:00 ET (07:00 GMT)