SEB Contract Wins for FY2022 Exceed $76.5 Million
28 Setembro 2022 - 6:50AM
Smart Employee Benefits Inc., (“SEB” or “the Company”) (TSXV:SEB,
OTCQB:SEBFF), announces 3 new contract wins for fiscal year 2022 in
Canada and USA. Collectively, the IT budgets for these entities are
hundreds of millions of dollars annually, and SEB has vendor status
to bid on the delivery of IT solutions and services.
The software/solution wins have a minimum value
in excess of $5.7 million. The Professional Services wins are over
$70.8 million, including $33.1 million of option years. All
contract wins are multiyear recurring revenue contracts with terms
between 2 and 11 years.
The Company has also added 3 new “Vendor
Management Agreements” authorizing the Company to supply ITS
software, solutions and services for the 3 entities. These
contracts give the Company the approval to participate in the IT
budgets that exceed an estimated $40.0 million annually. The
arrangements have terms up to 5 years, which typically are renewed
once achieving approved vendor status.
“Following a strong 2021 for contract wins,
SEB’s new contract wins in 2022 remain strong,” said SEB CEO John
McKimm. “Typically, our contracts take several months to deploy,
and although we will realize some revenue in 2022, the full revenue
and profitability of these new contract wins won’t flow-through our
results until 2023. Furthermore, these new wins add to our large
base of recurring revenue, which is currently over 90% of our
contracted revenue. Additionally, the MarvalNA solutions contribute
to our growing base of business in the USA. Our pipeline of sales
opportunities in both Canada and USA remains very robust for 2022.
We expect substantial continued growth as the year evolves. Our RFP
win rate continues to be over 65%, which is inline with what we
experienced in 2021 and substantially higher than years prior.”
About Smart Employee Benefits
Inc.:SEB is an Insurtech company focused on Benefits
Administration Technology driving two interrelated revenue streams
– software/solutions and services. The Company is a proven provider
of leading-edge IT and benefits processing software, solutions and
services for the Life and Group benefits marketplace and
government. We design, customize, build and manage mission
critical, end-to-end technology, people and infrastructure
solutions using SEB’s proprietary technologies and expertise and
partner technologies. We manage mission critical business processes
for over 150 blue chip and government accounts, nationally and
globally. Over 90% of our revenue and contracts are multi-year
recurring revenue streams contracts related to government,
insurance, healthcare, benefits and e-commerce. Our solutions are
supported nationally and globally by over 600 multi-certified
technical professionals in a multi-lingual infrastructure, from
multiple offices across Canada and globally.
Our solutions include both software and services
driven ecosystems including multiple SaaS solutions, cloud
solutions & services, managed services offering smart sourcing
(near shore/offshore), managed security services, custom software
development and support, professional services, deep systems
integration expertise and multiple specialty practice areas
including AI, CRM, BI, Portals, EDI, e-commerce, digital
transformation, analytics, project management to mention a few. The
Company has more than 20 strategic partnerships/relationships with
leading global and regional technology and consulting
organizations.
Forward-Looking
StatementsCertain information in this release, may
constitute forward-looking information. In some cases, but not
necessarily in all cases, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “targets”, “expects” or “does not expect”, “is expected”,
“an opportunity exists”, “is positioned”, “estimates”, “intends”,
“assumes”, “anticipates” or “does not anticipate” or “believes”, or
variations of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might”, “will” or “will
be taken”, “occur” or “be achieved”. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
information. Statements containing forward-looking information are
not historical facts but instead represent management’s
expectations, estimates and projections regarding future
events.
THE FORWARD-LOOKING INFORMATION
CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY’S CURRENT
EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE
COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE
OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF
NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY
APPLICABLE LAW.
Neither TSX Venture Exchange Inc. nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange Inc.) accepts responsibility
for the adequacy or accuracy of this release.
All figures are in Canadian dollars unless
otherwise stated.
John McKimmPresident/CEO/CIOOffice (888) 939-8885 x 2354Cell
(416) 460-2817john.mckimm@seb-inc.com
Media and Investor ContactEric
BalshinOffice: (437) 836-8676Eric@SophicCapital.com
all@SophicCapital.com
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