VANCOUVER, BC, Nov. 30, 2021 /CNW/ - HealthSpace Data Systems Ltd. (the "Company" or "HealthSpace") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF) is pleased to announce it has executed a contract with the Sacramento County Environmental Health Department in ("Sacramento County") for HSCloud on November 23, 2021. This finalized contract follows the Company's prior announcement on August 19th, 2021 wherein the Company had announced they were the chosen bid from Sacramento County's Request for Proposal ("RFP").
The contract includes HSPay as well as GovCall. Usage of GovCall increased the subscription revenue of the contract by 18%. The final contract covers five years and totals US$1,558,260 in lifetime revenue; the implementation will begin immediately. The contract will add an average of US$217,672 in Annual Recurring Revenue ("ARR"), not including future revenue anticipated as part of HSPay.
HealthSpace CEO, Silas Garrison noted "We are very pleased to begin the implementation with Sacramento County. California is a very important state that is modernizing their systems en masse, and HealthSpace is thankful to be the vendor of choice for so many of these departments as they prepare their agencies for the future."
Non-IFRS Measures
ARR is a non-IFRS measure that provides an indication of the subscription revenue from customers that is expected from continued usage per the term of contract signed, and as such management believes ARR to be a meaningful measure for assessment of Company performance. Key assumptions related to ARR figures are from continued usage of the services over the life of the agreement.
HealthSpace Data Systems Ltd.
HealthSpace Data Systems Ltd. HealthSpace is an industry leading software as a service company serving the state, provincial and local government market across the United States and Canada. HealthSpace's cutting edge platforms currently provide inspection, information, communication and data management systems that enable government agencies to operate more efficiently. HealthSpace's cloud and mobile based platforms are currently deployed in over 600 state and local government organizations across North America. HealthSpace currently offers the only fully integrated inspection, administration and analytics product suite across all platforms in North America. HealthSpace also delivers its government grade technologies to private businesses through its My Health Department platform, enabling citizens and private businesses to gain visibility and predictability into their own organizations and move from a reactive to a proactive operational status. As HealthSpace continues to deliver focused service and innovative solutions to government organizations, the Company entered the FinTech space through its HSPay offering which serves as a payment platform that streamlines the intake of government revenue. Further, HealthSpace's GovCall platform offers one of the only teleconferencing and video collaboration platforms tailored exclusively for government agencies.