TORONTO, ONTARIO–(April 2, 2014) Symbility Solutions Inc. (TSX.V: SY), a global software company dedicated to developing cloud-based applications for the property and health insurance industries, is pleased to announce the signing of twenty-one domestic and international customer contracts in the first quarter of 2014.
These agreements represent new business for Symbility in Canada, USA, UK and Germany, including a number of different insurers, independent adjusting firms, contractors and other P&C supply chain vendors for the Property Division, and new third-party administrators for Symbility Health. The contracts range in duration from one to five years and the combined annual net new contract value (ACV)¹ of these agreements is $1.3 million, with a total contract value (TCV)2 of $4.5 million.
“We are very encouraged by the momentum we are experiencing in our sales efforts and the fact that these accounts include insurance carriers and every facet of the supply chain in multiple countries,” stated James Swayze, CEO, Symbility Solutions. “Considering the new products we have launched earlier this year and the growth in our pipeline of opportunities, I am very confident in our ability to convert sales opportunities into new contracts at an increasing rate to fuel our revenue growth into next year.”
Forward Looking Information
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements represent the Company’s best judgment based on information currently available. Actual results are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict and, as a result, the actual results may differ materially from those expressed or implied in the forward-looking statements. Symbility Solutions Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Symbility Solutions Inc.
¹ The ACV is an estimated variable amount impacted by: (1) the actual number of claims processed; (2) the impact of severe weather on insurance property claims; (3) the number of claims assigned by an insurance carrier to an independent adjuster or contractor; (4) the time required to integrate the Company’s system with Symbility Solutions platform, any of which may result of a time delay between the signed agreement and revenue recognition.
2 The TCV is the total of the estimated ACV over the term of each the contracts. TCV also includes expected changes from the use of Symbility’s products and/or price increases.
About Symbility Solutions Inc.
Symbility Solutions® (TSX.V: SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions’ two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.
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