Quisitive Signs Cloud Services Agreement with Leading Healthcare Company
Expands recurring revenue business to 22% with full suite of Microsoft cloud services and SaaS offerings
Toronto, ON - TheNewswire - March 20, 2020 - Quisitive Technology Solutions Inc. (Quisitive or the "Company") (TSXV:QUIS) (OTC:QUISF), a premier Microsoft solutions provider that helps customers navigate the ever-changing climate that their business relies upon, today announced it has signed a cloud services agreement (the "Agreement") with a major healthcare company (the "Customer").
Under the Agreement, Quisitive will continue its strategic partnership as the Customer's Microsoft solutions provider and now expand services to include full managed cloud services for their Microsoft Office 365 and Dynamics 365 environment over the next three years. This is in addition to the Microsoft Azure CSP and managed services the Company is already providing the Customer. The estimated value of the full suite of services to this Customer is between S4.5 and $5.0 million over the next three years.
Quisitive led the Customer through its cloud journey leveraging the Quisitive Cloud Assessment Accelerator, then executed their move to the Microsoft cloud with Quisitive cloud migration services, and now is helping the customer operate their business in the cloud with CSP and managed services.
The Customer is now positioned to begin to innovate in the cloud using Quisitive's data analytics, application modernization and Microsoft Dynamics services to enable their digital transformation and realize new business outcomes.
In early 2019, Quisitive became a Microsoft Cloud Solution Provider (CSP) and has since expanded its CSP customer base across multiple industries that include healthcare, entertainment, manufacturing, utilities, automotive, financial services and retail. Quisitive now provides full managed cloud services across Microsoft Azure, Microsoft Office 365, as well as Dynamics Finance and Operations and CRM.
In addition, Quisitive has expanded its CRG emPerform employee performance management Software-as-a-Service (SaaS) business by 10% over the last six months, bringing its client base to more than 200 and user subscriptions to more than 200,000, further strengthening the recurring revenue for the business.
Between CSP, managed services and SaaS subscription billing offerings, Quisitive has grown its recurring revenue to 22% of its business over the last three quarters, this in in line with the Company's goal of growing recurring revenues through CSP, managed services, and Quisitive 1st party SaaS solutions.
"We are offering a full breadth of Microsoft cloud services and complementary SaaS solutions that provide our customers with new efficiencies, further advancing their digital ambitions," said Mike Reinhart, CEO of Quisitive. "Our customers have seen tremendous value with our ability to enable their move to the cloud, operate their Microsoft cloud environment, and innovate in the cloud, ensuring they reap the benefit of expense management, improved efficiencies and realization of new business outcomes."
Quisitive is a premier Microsoft solutions provider that helps enterprise organizations move, operate and innovate in the Microsoft cloud: Microsoft Azure, Microsoft Dynamics and Microsoft O365. Quisitive also provides proprietary Software as a Service ("SaaS") solutions, such as CRG emPerform (TM) and LedgerPay that complement the Microsoft platform. Quisitive serves clients globally with offices in Austin, TX; Dallas, TX; Denver, CO; Minneapolis, MN; Silicon Valley, CA; Washington, DC; Ottawa, ON; and Toronto, ON. For more information, visit http://www.Quisitive.com and follow @BeQuisitive. TSXV: QUIS.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Generally, any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information or statements. The forward-looking information or statements in this news release may relate, among other things, to: the anticipated benefits of the arrangement with the Customer to Quisitive; the ability of Quisitive to successfully expand and implement its service offerings to the Customer; the future growth potential of the Company; and future financial performance.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected results from the arrangement with the Customer; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the technology industry; unproven markets for the Company's product offerings; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; network security risks; the ability of the Company to maintain properly working systems; foreign currency trading risks; use and storage of personal information and compliance with privacy laws; use of the Company's services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; changes in project parameters as plans continue to be evaluated; and those factors described under the heading "Risks Factors" in the Company's most recent management discussion & analysis dated April 30, 2019 available on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the company believes, or believed at the time, to be reasonable assumptions, the company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
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