press release

£8.4 million contract extension with leading financial institution

RedstoneConnect to provide IT infrastructure management services to one of the World's largest financial institutions.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014

17 October 2016

RedstoneConnect (AIM: REDS), a leading provider of technology and services for smart buildings and commercial spaces, is pleased to announce it has been awarded a three-year contract extension to an existing managed services contract, valued at £2.8 million per annum.

The contract for one of the world’s largest financial institutions, which has been a long standing client of the Group’s, will see RedstoneConnect provide IT infrastructure management services across a number of campus buildings in support of over 17,000 UK-based employees, nearly 25,000 desktop assets and an average of 10,000 desktop moves every year.

Mark Braund, CEO of RedstoneConnect, commented:

“We are delighted to have extended our remit with this important client and believe our ability to constantly innovate our service delivery lies at the heart of our high customer retention rates.

“This contract extension further reinforces our continued progress in evolving the Group’s financial model to a more annuity-based revenue stream from both our existing customer base as well as from new clients.”