Business
Business Update
Business Update.
About this update from Tribal Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4522S\n Tribal Group PLC\n 16 November 2021\n \n \n \n \n 16 November 2021\n \n \n Tribal Group plc\n \n \n (\"Tribal\" or \"the Group\")\n \n \n Business Update\n \n \n Continued progress with Cloud strategy, including Cloud Contract Win with UCL, the acquisition of a Timetabling platform and a new European partner\n \n \n Change of accounting treatment of capitalised costs for an internal programme\n \n \n Tribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to announce: a cloud contract win; an acquisition of a cloud-based timetabling platform; expanding of the Company's product portfolio; and a new co-selling agreement to support Tribal's sales efforts in Continental Europe. \n \n \n University College London signs £3m Cloud contract\n \n Long-standing SITS:Vision Student Information System customer, University College London (UCL), one of the largest and most prestigious universities in the UK, has agreed a multi-year contract to transition SITS to the Tribal:Cloud, a fully-managed SaaS service by Tribal in the public cloud. The 5-year contract has a total value of £3 million, incorporating approximately £500k of incremental Annual Recurring Revenue, building on the £49.6m of total Tribal ARR announced at the half year.\n \n \n \n \n Acquisition of Timetabling platform\n \n \n \n \n \n In line with the Company's stated growth strategy, which seeks to combine organic growth and product development with M&A, the Company is delighted to announce the acquisition of Eveoh's \"My Timetable\", a leading platform for timetable publication and integration generating £0.3m ARR, for a maximum consideration in the region of £0.7m over two years. The platform allows institutions to publish personalised student and staff timetables, via the web or their mobile device and is currently in use at more than forty institutions in Europe and the UK. \n The platform will be integrated with the recently acquired Semestry timetabling and scheduling solutions and will be applicable across Tribal's extensive customer base, as universities seek to increase engagement with their students and offer more personalised experiences. \n \n \n \n \n Professional services partnership \n \n \n \n \n \n The Group has entered into a ...