Cerillion enters big new $15m deal

21st Jun 2023 12:13

(Sharecast News) - Billing, charging and customer relationship management software Cerillion announced the signing of a significant new six-year contract on Wednesday, valued at £15.1m.

The firm said the entire revenue generated from the contract would be derived from subscription income, and would be recognised over the duration of the agreement.

It said the deal aligned with current consensus market forecasts, and marked another milestone in Cerillion's growth trajectory.

The contract was established with an existing European telecommunications customer, that had been using Cerillion's services for the past four years.

It encompasses a comprehensive range of offerings, including managed services, support, and subscription to Cerillion's Evergreen Software Programme.

The subscription ensured the client's continuous access to Cerillion's latest product developments, enabling them to leverage cutting-edge technology to enhance their operations.

"We are delighted to further extend and broaden our relationship with this customer," said chief executive officer Louis Hall.

"It is another demonstration of the clear operational and commercial benefits of our solutions.

"Telecommunications companies are looking for solutions that enable them to drive more revenue from their network infrastructure and improve their end-customers' experience."

At 1100 BST, shares in Cerillion were up 0.34% at 1,470p.

Reporting by Josh White for Sharecast.com.