Contract win

RNS Number : 4052Q

Instem plc

06 June 2018

 

6 June 2018

Instem plc

("Instem")

Contract win

Leading Fortune 500 Company adopts Instem's Samarind RMS solution for its worldwide medical products regulatory tracking system

Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces that a leading Fortune 500 medical products and pharmaceuticals company has adopted Instem's Samarind RMS Software-as-a-Service ("SaaS") solution. The contract is worth approximately US$750,000 incorporating both perpetual license and SaaS revenue streams with c. 80% of the contract value being recognised in 2018 and annual recurring revenue of US$169,000.

Samarind RMS provides medical device and pharmaceutical companies with a smarter way to manage their Product Information, facilitating initial marketing authorisation and supporting ongoing regulatory compliance. The product is optimised to enable these companies to register and track their regulated products worldwide by maintaining a single integrated database of all relevant information, which is then used to update regulators as products change over time. The comprehensive functionality provided by Samarind RMS enables customers to systematically define and execute complex regulatory activities across a globally dispersed workforce whilst providing a single place to find, analyse and act on a wealth of product and regulatory information.

Phil Reason, CEO of Instem plc, said: "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."

For further information, please contact:                                                                  

Instem plc	[phone]
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser & Broker)	[phone]
Richard Lindley James White
Walbrook Financial PR	[phone]
Paul Cornelius	[e-mail]
Helen Cresswell Sam Allen

About Instem

Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management and Data Collection; Regulatory Solutions for Submissions and Compliance; and Informatics-based Insight Generation.

Instem solutions are in use by customers worldwide and enable our clients to bring life enhancing products to market faster.

Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.

Instem supports over 500 clients through offices in the United States, United Kingdom, France, Japan, China and India.

To learn more about Instem solutions and its mission, please visit instem.com.

 

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