VANCOUVER, BC, Dec. 9, 2021 /CNW/ - HealthSpace Data Systems Ltd. (the "Company" or "HealthSpace") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF) Pursuant to the Company's announcement dated November 16th, 2021 regarding formal negotiations, the Company is pleased to announce it has finalized and executed a contract with the City of Anaheim Fire and Rescue Department ("Anaheim"). This contract is HealthSpace's first contract in a new government vertical, fire departments. The resulting contract allows the City to deploy HSCloud for data management, along with HSPay and GovCall.
The contract covers five years, and totals US$193,990 in lifetime revenue. This contract will add an average of US$25,798 in Annual Recurring Revenue ("ARR"), not including future revenue anticipated as part of HSPay. The implementation is scheduled to begin January 2022.
HealthSpace CEO, Silas Garrison noted "I am excited to be able to announce the successful completion and execution of our contract with the Anaheim Fire and Rescue Department. Our platform performed very well through extensive due diligence, besting a dozen bidders, and we are eager to begin this implementation at the beginning of 2022. We want to thank our amazing customers for their continual recommendation of HealthSpace, not only to other environmental health agencies, but to different types of agencies as well.
Mr. Garrison continued, "Fire departments represent the largest single market vertical we have gained traction in to date. Our sales team continues discussions with other agencies in this vertical and I am confident that this contract is just an early indication of the value our platform can provide for fire departments. Interoperability is becoming more and more important in local government, and this contract represents the synergy that agencies in the same geographic area are seeking as they modernize their data management systems."
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 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.