Instem PLC (AIM:INS) has landed a deal worth over US$12mln with a "leading global contract research organisation" supporting more than 2,000 users in their clinical trial analysis.
It is a five-year agreement comprising a one-time implementation project worth approximately US$3mln, with the subscription revenue estimated at around US$2.25mln annually over a four-year period.
The client, which has been a customer of Instem since 2016, will use the company’s new Aspire software solution which was brought into the business following the acquisition of D-Wise Technologies in 2021.
Instem, in a statement, said the contract demonstrates the execution of the company's software as a service (SaaS) strategy and the value of its inorganic growth strategy through the D-Wise acquisition.
“This agreement marks a key juncture in our long-standing relationship with the client, and we are very excited to support them as they adopt their next-generation solutions,” said chief executive Phil Reason.
“Using Aspire, they will see significant advancements in their current capabilities and overall robustness.
"This agreement underlines the advantages of our long-term acquisition strategy in broadening our market reach, technological capabilities and client list while providing opportunities to introduce compelling new SaaS solutions that advance our mission to help to radically reduce the cost and time of drug development."
In London, Instem shares gained around 45p or 7.2% in Friday morning’s dealing.