SEB Group Secures Contracts Valued In Excess Of $38 Million

    Author Edwin NgarariPosted on Categories Application Software, TechTags , , , , , ,
    SEB Group

    Smart Employee Benefits Inc. (TSXV:SEB) (OTCQX:SEBFF) has revealed that it secured new contracts valued at more than $38 Million. The contracts extend out as long as six years with option years, and the majority of revenue will be realized in the 2 to 4 year range. These contracts are all net new business and will add to SEB’s recurring revenue contract value, increasing this amount to over $450 Million.

    SEB provides leading-edge IT and benefits processing software, solutions and services for the Life and Group benefits marketplace and government. Its IT solutions manage mission-critical business processes for over 150 blue-chip and government accounts, nationally and globally. Over 90% of the company’s revenue and contracts are multi-year recurring revenue streams contracts originating from government, insurance, healthcare, benefits and e-commerce organizations.

    The contract awards come at a time when governments and private institutions are responding to the dynamic challenges of Covid-19 and the need to increasingly digitize and automate business processes. As such, the wins reaffirm SEB’s strategic positioning as one of the world’s leading suppliers of solutions in Information Technology and Benefits Processing (software, solutions, services) to both the private and public sectors.

    We continue to experience increasing demand in all 3 business lines, IT Services “ITS”, Business Process Services “BPS” and Professional Services “PS”  and across all 6 practices – Cloud Computing, Digital Solutions and Services, Enterprise and Cyber Security, Data Management, Business Process Outsourcing and Project Services,” said Mohamad El Chayah, COO of SEB. 

    As a result of this corporate milestone, Smart Employee Benefits has visibility on over 90% of 2022 budgeted revenues and over 80% of 2022 forecast revenues out to 2025. SEB’s stock reacted positively to the news of the new contracts, registering a 5% gain to close at $0.23 per share while trading volume surged to 630,000 shares. With a market cap of just $45 million, SEB is definitely one of the penny stocks that should be on your watchlist.