itim Group plc (LON:ITIM), a SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, has announced three new customer wins and extensions of existing contracts for an increase in Annual Recurring Revenue (“ARR”) of £1.8 million.
Summary of Customer Wins
itim has been retained by a London Stock Exchange listed British fashion retailer to provide a full omni-channel platform. itim has also won a contract with an electronics retailer in support of their omni-channel strategy and a Brazilian pharmaceutical company has signed up itim to aid and assist them with price optimisation.
itim’s software is in demand in five particular areas which are all critical to Omni-channel retailing, namely unified commerce platform (omni-channel retailing), price optimisation, integrated order management, stock and range optimisation and supplier collaboration.
At the time of IPO, the Group set out its target of achieving a total of £14 million in ARR by the end of December 2022 an uplift of £2.9 million in the year. The Group is pleased to have reached a material amount of this target by the end of the first quarter. In addition, the Group is witnessing considerable growth internationally which now accounts for over 35% of the Group’s revenues.
The execution of these contracts is in line with the Company’s financial expectations for the current financial year.
Ali Athar, itim Group Chief Executive Officer, commented:
“We are delighted to have secured these contract wins with considerable brands in the fashion, electronics and pharmaceutical industries and it is testament to our offering to be trusted by these companies. Additionally, demand for our services and products continues to grow across our existing customer base, with customers like Majestic Wine, Blakemore, and COOP (Brazil) continuing to add extensions to their business whilst we continue to expand our pipeline of new prospects.”