March 28, 2022 – Mississauga, ON
Smart Employee Benefits Inc., (“SEB” or “the Company”) (TSXV:SEB, OTCQB:SEBFF), announces 3 new client wins. The USA win is to a multi-state industrial company to deploy SEB’s MarvalNA Service Management solutions, with a recurring revenue profile. The second win is a Crown Corporation supply arrangement with a term of 5 years plus 6 options years. The third is another Crown Corporation and has a term of 3 years with 3 option years. Both supply arrangements give SEB vendor status and the right to participate in the delivery of IT solutions and services for these entities. The IT budgets of these entities are tens of millions of dollars annually. These three wins add to our $205 million of contract wins and extensions over the past 15 months and add to over $470 million of existing contract value.
“SEB had a strong year for contract wins in 2021 and the new contract wins in 2022 continue to be strong. A number of our solutions, including the MarvalNA solution, have been deployed outside Canada, with strong wins in the USA,” said SEB CEO John McKimm, “Typically, our contracts take several months to deploy, realizing some revenue in 2022, but it won’t be until 2023 before the full revenue and profitability of these new contract wins will flow-through our results. Like more than 95% of our contract value, these new wins, which include multi-year terms, add to our large base of recurring revenue. Additionally, the MarvalNA solutions contribute to our growing base of business in the USA. Our pipeline of sales opportunities remains very robust for 2022 and we expect substantial continued growth as the year evolves. Our RFP win rate continues to be over 65%, which is inline with what we experienced in 2021 and substantially higher than years prior.”
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 across Canada and globally.
Our solutions include both software and services driven environments 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. SEB has more than 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations.
Certain information in this release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY’S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
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All figures are in Canadian dollars unless otherwise stated.
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