KRM22 secures contract extension with existing customer

Technology and software investment company KRM22 announced a contract extension with an existing customer of its ‘Risk Cockpit’ offering on Friday.

The AIM-traded firm said it had signed a three-year contract extension with a tier one customer, with annual recurring revenue of £0.4m per year, making for an increase in existing annual recurring revenue of £0.15m per year.

In addition to the immediate increase in recurring revenue, the board said the contract included an option to increase that further, by up to £0.2m by March 2022.

“I'm pleased that we can announce this contract signature,” said executive chairman and chief executive officer Keith Todd.

“As stated in the trading update, the precise timing of contract signature is uncertain however we expect further contract signatures in the near future.

“The contract extension for a further three years is an endorsement of our Risk Cockpit product applied to operational risk management.”