Alithya enters multi-year Master Services Agreement with 'Big Six' Canadian bank

Rhea-AI Summary

Alithya Group inc. (TSX: ALYA) has signed a multi-year Master Services Agreement with a major Canadian financial institution, part of Canada's 'Big Six' banks. The agreement spans three years with possible one-year extensions, initially valued at approximately C$4.7 million. Alithya will support the bank's cloud migration through data consolidation and analytics. This contract underscores Alithya's growing reputation among major financial institutions and reflects its commitment to transforming legacy systems into digital solutions, leveraging Microsoft Azure.

Positive

• The Master Services Agreement is valued at approximately C$4.7 million, indicating strong initial revenue.
• Contract includes provisions for two one-year renewals, suggesting potential for sustained future revenue.
• Alithya's expertise in cloud migration enhances its market position among major Canadian financial institutions.

Negative

• None.

Agreement paves the way for Alithya to accompany the client on its cloud migration journey

MONTREAL, March 10, 2022 /PRNewswire/ - Alithya Group inc. (TSX: ALYA) (NASDAQ: ALYA) ("Alithya") is proud to announce the signing of a multi-year Master Services Agreement with a major Canadian financial institution.

The Master Services Agreement with one of Canada's 'Big Six' banks consists of a 3-year term, with provisions for 2 one-year renewals. The Master Services Agreement ensures that Alithya can respond quickly to the needs of the business by reducing delays between definition and project initiation. The initial Statement of Work has been established at approximately C$4.7 million, with two service agreements representing a cumulative value of C$2.9 million already signed.

Alithya's work for the bank will primarily revolve around project delivery services, particularly in the context of data and analytics. Alithya will assist the bank in consolidating and warehousing data as well as the business analysis to develop enhanced analytics for a variety of banking scenarios.

Quote by Nigel Fonseca, Senior Vice President, Ontario & Western Canada at Alithya:
"The signing of this Master Services Agreement will allow Alithya to provide more in-depth services to the client, thus helping them to reach their business goals. We have been actively assisting this client in transforming its legacy systems into the digital world, and the next logical step for the client is to transform their applications to utilize their cloud-based data estate. This Master Services Agreement facilitates Alithya's ability to deliver results by leveraging our industry experience and technical expertise with Microsoft Azure's open and flexible cloud computing platform."

The signing of this Master Services Agreement reflects Alithya's continued ascent into the upper ranks of trusted advisors for Canada's major financial institutions. On the wings of sustained growth, Alithya's scale has risen to the required level of major financial institutions and their complex needs. Alithya experts are already engaged in Azure projects with another 'Big Six' financial institution, as well as with major enterprises in the utilities sector. The company continues to actively hire skilled professionals in order to solidify its capabilities in that space.

About Alithya
Alithya is a North American leader in strategy and digital transformation, employing a dedicated and highly skilled workforce of 3,600 professionals in Canada, the United States and internationally. Alithya's strategy is based on a plan of accelerated organic growth and complementary acquisitions to create a global leader. The company's integrated offer is based on four pillars of expertise: business strategies, enterprise cloud solutions, application services, and data and analytics. To learn more about Alithya, visit www.alithya.com.

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SOURCE Alithya

FAQ

What is the significance of Alithya's multi-year Master Services Agreement with a Canadian bank?

The agreement reflects Alithya's growth in the financial sector and establishes a strong revenue stream, starting with C$4.7 million.

How long is the Master Services Agreement signed by Alithya with the Canadian bank?

The agreement spans three years with options for two one-year renewals.

What services will Alithya provide to the Canadian bank under the new agreement?

Alithya will offer project delivery services focused on data consolidation and analytics to support the bank's cloud migration.

What is the initial value of the Master Services Agreement signed by Alithya?

The initial Statement of Work is valued at approximately C$4.7 million.