May 6, 2021 – Mississauga, ON: Smart Employee Benefits Inc., (“SEB”, TSXV:SEB), through its operating entities, has been awarded multiple net new contracts valued in excess of $42.7M during the first 4 months of fiscal 2021. Clients included the Government of Canada, the Province of Ontario and various corporate entities. The contracts extend out as long as 9 years with the majority in the 3-to-6-year range. They include benefits processing contracts valued at over $8.2M and IT solutions and services valued at over $34.5M. The contracts are all net new business wins and add to SEB’s recurring revenue contract value. The majority are related to RFP (Request for Proposal) competitive bids. SEB’s RFP win rate in the past 4 months is >70%, an increase from >50% in fiscal 2020 and >30% in 2019. Our RFP win rate has been steadily increasing since 2019. RFP wins together with our Channel Partner client acquisition transactions are steadily growing our contract values. Today we have visibility on over 80% of 2021 revenues over the next 4 years with contract terms as long as 9 years and contract values in excess of $400M.
These contract awards reinforce SEB’s strong positioning in the IT sector as one of the leading suppliers of expertise in Information Technology and Benefits processing (software, solutions, services) to both the Enterprise and Public sector. These awards come at a time when Governments (Federal and Provincial) and corporations are responding to the dynamic challenges of Covid-19 and the concurrent need to increasingly digitize and automate business processes. The wins also indicate the stability of SEB’s client base, even in times of economic turmoil.
States Jody Campeau, President of Maplesoft Consulting Inc.(“Maplesoft”), an SEB Company: “These contract awards reflect the strong value proposition that Maplesoft and other SEB entities bring to our government and corporate client base. Bringing high value added out-sourcing solutions and a strong value proposition has long been a hallmark of our collective business model. Introducing innovative solutions to public sector business process requirements reflects the influence of being part of the SEB Group of Companies. This provides Maplesoft with the ability to leverage know-how found across the SEB Group to solve the complex business issues of public sector clients with scaled and reliable solutions that can be implemented in a timely, highly cost-effective manner.”
States Mohamad El Chayah, COO of SEB and President/CEO of SEB Administrative Services Inc. (“SEB Admin”): “We continue to experience increasing demand in both our IT and Benefits processing revenue streams for our software, solutions and services across all 6 practice areas – Cloud Computing, Digital Solutions and Services, Enterprise and Cyber Security, Data Management, Business Process Outsourcing and Professional Services. This record Q1 net new contract bookings reflect the effectiveness of our operating model to be responsive to customer needs, providing the efficiency and value to win in increasingly complex markets. We are thrilled to see more of our technology and people solutions driving the digital transformation journey for our clients in the public, enterprise and emerging market segments.”
About Smart Employee Benefits Inc. (“SEB”):
SEB is a proven provider of leading-edge IT and benefits processing software, solutions and services for the Life and Group benefits marketplace and government. We design, customize, build and manage mission critical, end-to-end technology, people and infrastructure solutions using SEB’s proprietary technologies and expertise and partner technologies. We manage mission critical business processes for over 150 blue chip and government accounts, nationally and globally. Over 90% of our revenue and contracts are multi-year recurring revenue streams contracts related to government, insurance, healthcare, benefits and e-commerce. Our solutions are supported nationally and globally by over 600 multi-certified technical professionals in a multi-lingual infrastructure, from 8 offices and 2 affiliated offices across Canada and globally.
Our solutions include both software and services driven ecosystems including multiple SaaS solutions, cloud solutions & services, managed services offering smart sourcing (near shore/offshore), managed security services, custom software development and support, professional services, deep systems integration expertise and multiple specialty practice areas including AI, CRM, BI, Portals, EDI, e-commerce, digital transformation, analytics, project management to mention a few. The Company has more than 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations.
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