Multiple services and software contracts include largest in Sherwood’s history; together with new, unified UK office, fuel confidence to meet market expectations
ARMONK, NY –[October 25, 2002]– Sherwood International today announced that is has signed significant contract wins in the US for insurance software licenses and a major services contract with the UK government, driving incremental services revenues. Sherwood also announced that it will integrate its UK offices with a move to a new global headquarters in Chertsey, U.K.
Sherwood’s new contracts are as follows, and include the first sale of one of its new products:
- An extension of the existing DEFRA (Department for Environment, Food and Rural Affairs) contract, worth �28M over two years – the largest contract signed in the history of Sherwood. This underpins the existing revenue stream through to March 2004. Sherwood continues to make progress towards incremental business with the UK government.
- A new �1.9 million license and professional services contract with a major North American reinsurer, for Senator and ProCede, Sherwood’s Reinsurance solutions. This reinsurer is also looking at Sherwood’s new Amarta Risk collaborative commerce offering for the future.
Commenting on the announcements, Mike Shinya, CEO Sherwood International said: “Sherwood continues to experience strong interest across its entire range of products and in all of its global markets. Today’s announcement brings to a total of 17, the number of new license contracts concluded since the start of this calendar year. These are all based on Sherwood’s technologies and IPR and set up a healthy ecosystem of services opportunity both for ourselves and our partners to participate in going forward. This further strengthens our commercial position in the current difficult trading climate. Sherwood has a strong, long-term revenue stream and continues to invest heavily in product research and development and global outreach. Our new office will provide a fitting base for Sherwood’s expansion, allowing
professional and numerical growth for our staff, and will also host a
world-class customer center.”
These announcements follow Sherwood’s recent contract win for reinsurance software with Aviva (formerly CGNU), the UK’s largest insurer, and its announcement of a partnership with China Hewlett-Packard for joint software services development in the rapidly growing Chinese market.
The announcement of a new Global HQ focuses Sherwood’s UK operations around two locations; the new HQ in Chertsey, England, and its current research and development facility in Glasgow.
The relocation rationalizes Sherwood’s six current UK office locations, a legacy of its recent acquisitions. The move will improve group communication and processes, strengthen corporate identity and team integration and lay the foundations for further growth as Sherwood develops new products and enters new markets. The new offices will also lead to substantial cost savings both in the short and medium term.
About Sherwood International:
Founded in 1970, Sherwood International is a leading provider of software solutions and services to the global financial services industry and UK government.
Through major offices in London, New York, Toronto, Glasgow and Bangalore, Sherwood International serves over 120 clients in the Life & Annuities, P&C and Reinsurance sectors including international blue-chip companies in the wholesale and retail insurance industry.
Sherwood international (Symbol: SHC) is quoted on the London Stock Exchange. Visit Sherwood International’s Web site at www.sherwoodinternational.com for additional information.