Craneware plc Significant Contract Win (0253V)

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RNS Number : 0253V

Craneware plc

31 October 2017

Craneware plc

("Craneware", "the Group" or the "Company")

Significant Contract Win

31 October 2017 - Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, is pleased to announce the renewal and significant expansion of an existing contract with a growing hospital operator in the US.

This $6m win sees the extension of a relationship that has been in place since 2007, with the renewal of the customer's existing Value Cycle solutions and the roll out of these same solutions to further facilities that have been recently acquired by this hospital network. The contract is expected to deliver $3.5m of incremental revenue over this new five year term as the hospital network rolls out these solutions at its additional facilities.

In accordance with the Company's revenue recognition policy, the majority of the revenue resulting from this contract will be recognised over future periods, adding to the Group's long term visibility of revenue under contract.

Keith Neilson, CEO of Craneware plc, commented, "The expansion of this relationship demonstrates the strategic importance of Craneware's Value Cycle solutions to our customers, as they extend their own hospital networks throughout the US. The strength of our solutions and the value they deliver to all customers, including large and complex health systems, allows us to deepen our relationship with our customers as they address the challenges resulting from the continued evolution to the new value based re-imbursement environment.

"Having enjoyed our positive working relationship for a decade, we now look forward to continuing to deliver sustainable value throughout this new term."

For further information, please contact:

 
 Craneware        Peel Hunt          Alma 
  plc 
 +44 (0)131       +44 (0)20          +44 (0)208 
  550 3100         7418 8900          004 4218 
 Keith Neilson,   Dan Webster        Caroline Forde 
  CEO 
 Craig Preston,   Adrian Trimmings   Hilary Buchanan 
  CFO              George Sellar      Robyn McConnachie 
                                     Josh Royston 
 
 

About Craneware

Craneware enables healthcare providers to improve margins and enhance patient outcomes so they can continue to provide quality outcomes for all.

Craneware is the leader in automated value cycle solutions that help US Healthcare provider organisations discover, convert and optimise assets to achieve best clinical outcomes and financial performance. Founded in 1999, Craneware is headquartered in Edinburgh, Scotland with offices in Atlanta, Boston and Phoenix employing over 250 staff. Craneware's market-driven, SaaS solutions normalise disparate data sets, bringing in up-to-date regulatory and financial compliance data to deliver value at the points where clinical and operational data transform into financial transactions, creating actionable insights that enable informed tactical and strategic decisions. To learn more, visit craneware.com and thevaluecycle.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 31, 2017 03:00 ET (07:00 GMT)