NTG Clarity Secures $22M Three-Year Contract Renewal and Expansion, Strengthening Growth Momentum
NTG Clarity Networks has secured a three-year contract renewal and expansion worth $22 million with an existing financial services customer in the Middle East. The offshore software development services contract represents a 25% increase in contracted resource headcount and will operate at an estimated 37% gross margin. New resources will begin work in January 2025.
The contract will be serviced from NTG's recently expanded Egypt Offshore Centre. With this renewal, NTG's backlog of unbilled purchase orders and contracts has exceeded $100 million. The company remains on track to meet its 2024 revenue target of $55 million with a 14% net income margin.
NTG Clarity Networks ha ottenuto il rinnovo e l'espansione di un contratto triennale del valore di 22 milioni di dollari con un cliente esistente nel settore dei servizi finanziari in Medio Oriente. Il contratto per i servizi di sviluppo software offshore rappresenta un aumento del 25% nel numero di risorse contrattate e funzionerà con un margine lordo stimato del 37%. Le nuove risorse inizieranno a lavorare a partire da gennaio 2025.
Il contratto sarà gestito dal recentemente ampliato Centro Offshore in Egitto di NTG. Con questo rinnovo, il portafoglio ordini di acquisto e contratti non fatturati di NTG ha superato 100 milioni di dollari. L'azienda rimane sulla buona strada per raggiungere l'obiettivo di fatturato del 2024 di 55 milioni di dollari con un 14% di margine di reddito netto.
NTG Clarity Networks ha asegurado la renovación y expansión de un contrato de tres años por un valor de 22 millones de dólares con un cliente existente en el sector de servicios financieros en el Medio Oriente. El contrato de servicios de desarrollo de software offshore representa un 25% de aumento en el conteo de recursos contratados y funcionará con un margen bruto estimado del 37%. Los nuevos recursos comenzarán a trabajar en enero de 2025.
El contrato será atendido desde el recientemente ampliado Centro Offshore de Egipto de NTG. Con esta renovación, la acumulación de órdenes de compra y contratos no facturados de NTG ha superado 100 millones de dólares. La empresa sigue en camino de alcanzar su objetivo de ingresos para 2024 de 55 millones de dólares con un 14% de margen de ingreso neto.
NTG Clarity Networks는 중동의 기존 금융 서비스 고객과 2200만 달러 규모의 3년 계약 갱신 및 확장을 확보했습니다. 이 오프쇼어 소프트웨어 개발 서비스 계약은 계약된 인력 수에서 25% 증가를 의미하며, 37%의 예상 총 마진으로 운영될 것입니다. 새로운 인력은 2025년 1월부터 근무를 시작합니다.
이 계약은 NTG의 최근 확장된 이집트 오프쇼어 센터에서 수행됩니다. 이번 갱신으로 NTG의 미청구 구매 주문 및 계약 잔고는 1억 달러를 초과했습니다. 회사는 5500만 달러의 2024년 수익 목표 달성을 순조롭게 진행하고 있으며, 14%의 순이익 마진을 유지하고 있습니다.
NTG Clarity Networks a sécurisé le renouvellement et l'expansion d'un contrat de trois ans d'une valeur de 22 millions de dollars avec un client existant dans le secteur des services financiers au Moyen-Orient. Le contrat de services de développement de logiciels offshore représente une augmentation de 25% du nombre de ressources contractées et fonctionnera avec une marge brute estimée de 37%. De nouvelles ressources commenceront à travailler en janvier 2025.
Le contrat sera géré depuis le Centre Offshore d'Égypte récemment agrandi de NTG. Avec ce renouvellement, le carnet de commandes et de contrats non facturés de NTG a dépassé 100 millions de dollars. L'entreprise est sur la bonne voie pour atteindre son objectif de revenus de 55 millions de dollars pour 2024, avec une marge nette de 14%.
NTG Clarity Networks hat einen dreijährigen Vertrag verlängert und erweitert, der einen Wert von 22 Millionen Dollar mit einem bestehenden Kunden im Finanzdienstleistungssektor im Nahen Osten hat. Der Vertrag über Offshore-Softwareentwicklungsdienste stellt eine 25%ige Erhöhung der vertraglich vereinbarten Ressourcenanzahl dar und wird voraussichtlich mit einer 37%igen Bruttomarge betrieben. Neue Ressourcen werden im Januar 2025 mit der Arbeit beginnen.
Der Vertrag wird vom neu erweiterten Offshore-Zentrum in Ägypten von NTG bedient. Mit dieser Verlängerung hat NTGs Bestand an unberechneten Bestellungen und Verträgen 100 Millionen Dollar überschritten. Das Unternehmen bleibt auf Kurs, um sein Umsatzziel von 55 Millionen Dollar für 2024 mit einer 14%igen Nettomarge zu erreichen.
- Secured $22M three-year contract renewal with 25% increased headcount
- 37% gross margin on the new contract
- Backlog of contracts exceeds $100M
- On track for $55M revenue target with 14% net income margin in 2024
- Shift towards longer-term, recurring revenue contracts
- None.
Toronto, Ontario--(Newsfile Corp. - December 4, 2024) - NTG Clarity Networks Inc. (TSXV: NCI) (OTC Pink: NYWKF); NTG Clarity is pleased to announce that an existing financial services customer in the Middle East has renewed and expanded their contract with NTG Clarity. The expanded contract for offshore software development services is worth an estimated
The contract renewal represents an approximately
"This contract renewal and expansion underscores the trust our customers place in our ability to deliver cost-effective solutions as their technology needs continue to evolve," said Adam Zaghloul, VP Strategy and Planning. "It reflects a broader trend among our clients toward committing to larger-scale, longer-term contracts. Strong renewals like this, combined with ongoing new business wins, are driving our sustained growth."
The contract will be serviced from our Egypt Offshore Centre, which has been recently expanded as previously announced. The recently secured office space still has much room to spare and will easily accommodate the new resources from this contract as well as growth for the foreseeable future.
NTG's backlog of unbilled purchase orders and contracts on hand as of November 30, 2024, along with this contract renewal, is now over
In addition to our annual contracts, which we expect to continue to renew over the next several months, the backlog also includes multiple 3-year contracts providing greater visibility into continued growth in 2025 and beyond.
About NTG Clarity Networks Inc.
NTG Clarity Networks' vision is to be a global leader in digital transformation solutions. As a Canadian company established in 1992, NTG Clarity has delivered software, networking, and IT solutions to large enterprises including financial institutions and network service providers. More than 950 IT and network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading enterprises.
Forward-Looking Information
Certain statements in this release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
For Further Information:
Adam Zaghloul, Vice President, Strategy & Planning
NTG Clarity Networks Inc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: adam@ntgclarity.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232364
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