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Instem wins contract with Fortune 500 player
Life science IT solutions provider Instem boasted on Wednesday that a large Fortune 500 pharmaceuticals company has adopted its Samarind RMS software-as-a-service (SaaS) solution in a contract worth approximately $0.75m.
The AIM-quoted company said that approximately 80% of the contract value will be recognised in 2018, followed by annual recurring revenue of $169,000.
Phil Reason, chief executive of Instem plc, said the client company ranks among the top 25 on the Fortune 500, which would suggest it was either CVS Health, McKesson, AmerisourceBergen or Cardinal Health.
Reason said the contract win "continues the good momentum experienced with our regulatory information management solutions 2017 to date and particularly Instem's success in the medical device field" and added his pleasure that the contract was as for SaaS with the recurring revenues that implies.
Samarind RMS software provides companies with management capabilities for product information, facilitating initial marketing authorisation and supporting ongoing regulatory compliance. Businesses can use the software to track their registered products worldwide through the maintenance of an integrated database, thus providing firms with a single place to find, analyse and act on a wealth of product and regulatory information.
As of 0905 BST, Instem plc's shares were up 2.63% at 302.00p.