VANCOUVER, BC , Jan. 14, 2022 /CNW/ - HealthSpace Data Systems Ltd. (the "Company" or "HealthSpace") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF) is pleased to announce that it has been selected for and agreed to a contract with the Riverside County Environmental Health Department in California ("Riverside County"). The resulting contract allows Riverside County to deploy HSCloud for data management, along with HSPay and GovCall. The contract covers seven years, and totals US$1,338,891 in lifetime revenue. This contract will add an average of US$148,000 in Annual Recurring Revenue ("ARR"), not including future revenue anticipated as part of HSPay. This contract resulted from an Request for Proposal ("RFP") issued by Riverside County which the company participated in last year. The contract and implementation is expected to begin February 1, 2022.
HealthSpace CEO, Silas Garrison noted "I am pleased to announce our first contract of 2022. Fittingly, it is in California; a market that we have served well and continues to look to us during a period of technology transition for environmental health departments across the state. We appreciate the trust agencies all around California are placing in HealthSpace, and we look forward to much growth in the state, as well as the rest of the county, as we progress through 2022."
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.