Rosslyn (AIM: RDT), the provider of a leading cloud-based enterprise data analytics platform, is pleased to announce that it has secured two new contracts worth £422k in aggregate over a multi-year period and equating to an additional £120k in annual recurring revenue.

The first contract, which was awarded to Rosslyn under a competitive tender, is from a blue-chip European med-tech company which sells its products via its 9,000+ shops and outlets in over 20 countries. The customer is adopting a procurement and spend analytics platform as it seeks to increase efficiency and reduce costs across its supply chain.

The second contract is with an international consultancy that provides services and solutions to the transport industry and is utilising the Rosslyn platform on behalf of a UK train operating company.

Both contracts, which are for the provision of the Rosslyn procurement and spend analytics platform, represent the conversion of pipeline stemming from the end of the 2023 financial year.

Paul Watts, CEO of Rosslyn Data Technologies, said:

“We are pleased to have won these two contracts – and less than a month into our new financial year. They represent the conversion of some of the pipeline that we were near to closing at the end of last year. To have secured another multi-billion-euro customer under a highly competitive pitch is a great endorsement. It also reflects the trend of companies increasingly adopting technology like ours to reduce risk and enhance efficiency in the supply chain. We look forward to delivering value for our new customers and to building long-term relationships with them as well as to expanding our customer base as we continue to receive growing interest in our platform and convert our existing pipeline.”