VANCOUVER, BC, Dec. 8, 2021 /CNW/ - HealthSpace Data Systems Ltd. (the "Company" or "HealthSpace") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF) is pleased to announce that it has finalized and executed contracts with Larimer County, CO ("Larimer County") and Ogle County, IL for use of HSCloud as well as HSPay. Both contracts cover five years, and total US$517,400 in lifetime revenue; both implementations will begin immediately. These contracts will add an average of US80,000 in Annual Recurring Revenue ("ARR"), not including future revenue anticipated as part of HSPay.
In addition to uses in environmental health data management, Larimer County will also utilize HSCloud for tracking vital records requests, such as birth and death certificates. Vital records represent a new data management classification for the Company. Citizens will make requests for copies of these documents through My Health Department for a fee, which will be processed through HSPay. Counties across the country have the need and desire to allow citizens easy online access to vital records. This initial implementation could open the door to further market opportunities for the Company.
HealthSpace CEO, Silas Garrison noted "I am pleased to see continued sales growth in areas we already have market penetration and satisfied customers. Both Colorado and Illinois have continued to move more and more departments to HealthSpace over the course of the year with great success. It is also exciting to see our My Health Department and HSPay platforms extended beyond environmental health. Vital records, and associated payment collection, is a natural fit for our platforms, and this contract shows the power and agility of our software for government agencies of all types. It fits with our mission of allowing governments to be more efficient; a big part of this is providing government agencies with a platform to interact with their citizens in a more convenient and effective way."
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.