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Instem lands US$750,000 contract with Fortune 500 giant

The unnamed medical products and pharma company has adopted Instem's Samarind Regulatory Management System
Instem lands US$750,000 contract with Fortune 500 giant
The software-as-a-service platform has been developed to enable companies to register and track their regulated products

Instem Plc (LON:INS) said a Fortune 500 medical products and pharma company has adopted its Samarind Regulatory Management System.

The deal is worth an initial US$750,000, with 80% of that sum being recognised this year, and brings with it recurring annual revenues of US$169,000.

WATCH: Instem secures US$750,000 contract with Fortune 500 heavyweight

The software-as-a-service (SaaS) platform has been developed to enable companies to register and track their regulated products worldwide by maintaining a single integrated database, which is then used to update drugs watchdogs as products change over time. 

"This contract win with a global company, which ranks among the top 25 on the Fortune 500, continues the good momentum experienced with our regulatory information management solutions 2017 to date and particularly Instem's success in the medical device field. We are very pleased to be delivering this as a SaaS agreement," said chief executive Phil Reason.


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