Business
NTG Clarity Signs a 3-Year Major Resourcing Frame Agreement for up to $10.7M CAD
(TheNewswire) Toronto, ON - TheNewswire - April 19, 2022 - NTG Clarity Networks...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Signs a 3-Year Major Resourcing Frame Agreement for up to $10.7M CAD \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON -\n \n \n TheNewswire\n \n \n - April 19, 2022 -\n \n \n NTG Clarity Networks Inc.\n \n \n (TSX.V:NCI);\n \n \n NTG\nClarity\n \n is pleased to announce that on April 19, 2023 it signed\na three year Professional Services Supply Agreement with a leading IT\nservices company in the Gulf Region that provides services to both the\npublic and private sectors. NTG will provide software development and\nIT resources both onsite and offshore in our Egypt Offshoring Centre.\nThe work starts April 19, 2023 and NTG has started onboarding of the\nresources. The customer will issue purchase orders for each group of\nresources that are selected.\n \n \n It is worth mentioning that this is one of the largest offshoring\nagreements for NTG to-date. This agreement in its whole three years\nduration has a maximum value ceiling amount of approximately $10.7M\nCAD and estimated expenses of $8M. As this is a Frame Agreement, it\nwill be utilized by the issuing of Purchase Orders (POs). The actual\namount of the Agreement will depend on the value of the POs the\ncustomer issues to NTG.\n \n \n Egypt’s offshoring industry is witnessing an unprecedented momentum\nof growth. The country enjoys many competitive advantages that\nestablished its reputation as a favorable global offshoring\ndestination. The diverse IT and digital services, abundance of talent,\ncost competitiveness, resilient business operations, and the\ngovernment’s support are among Egypt’s unique value proposition\nthat encourage global enterprises to launch and expand their global\noperations. It is estimated that the value of Egypt’s digital\nexports will increase by $1 billion USD annually, marking a\nsignificant growth to the current export revenue of $4.9 billion USD\n \n (source:\n \n \n \n \n https://itida.gov.eg/English/PressReleases/\nPages/\n \n \n \n \n Egypt-IT-offshoring-and-business-services-sector-sees-strong-growth-momentum.aspx\n \n \n )\n \n \n \n NTG is well positioned to capitalize on this growth and be one of the\nmajor players due to the following:\n \n \n \n \n NTG has been in the global and Egyptian markets for 3...