LoopUp Group PLC (AIM:LOOP, OTC:LUPGF) said it won a contract for its Hybridium technology worth a minimum of €200,000 (£169,000) from Spanish telecoms company Telefónica.
The initial two-year deal has potential for expansion and extension, the cloud telephony company said in a statement.
Telefónica is deploying LoopUp’s technology at 'Universitas', its global innovation and talent hub, located at its Madrid headquarters in Distrito Telefónica.
"We are delighted to be partnering with Telefónica and are excited to be part of such an ambitious and benchmark-setting project at Universitas,” commented Víctor Sánchez, president of Hybridium and CTO at LoopUp.
“Our ambition at Hybridium is to help organisations catapult engagement, learning and communications to the next level, allowing morale and competitiveness to thrive in the post pandemic workplace. We see this project with Telefónica as a major milestone on that journey."
LoopUp also gave a business update, saying it had won 44 cloud telephony contracts, comprising 31 last year and 13 so far during FY2022.
“This performance places the group on track to meet its full-year target of securing 50 additional contract wins in FY2022,” it said.
The 44 contract wins have a minimum total contract value (TCV) of around £2.8mln and a potential TCV of £12.4mln, it added.
In addition, its cloud telephony sales pipeline continues to grow and now stands at approximately £85mln of additional potential annual contract value (ACV), of which 15% is at written proposal stage or later.
“Operationally, all customer deployments to date have been successful, and all rollouts are progressing positively,” LoopUp said.