SEB >$22M New Contract Wins Increase Wins Over 15 Months to
MISSISSAUGA, Ontario, March 11, 2022 (GLOBE NEWSWIRE) — Smart Employee Benefits Inc., (“SEB” or the Company) (TSXV: SEB, OTCQB: SEBFF), has received extensions and net new business contracts valued at greater than $22.2M. This brings contract wins and extensions to over $205.0M over the past 15 months. SEB’s RFP sales pipeline includes tens of millions of dollars of contract value where decisions are pending over the next several months. In addition, SEB’s “White-Label TPA” sales pipeline includes billions of dollars of premiums, of which approximately $2.0B is in advanced stages of negotiations. Currently, SEB has over 530,000 plan members under contract, representing approximately $1.3B of premium. Approximately 370,000 plan members are fully deployed to SEB’s benefit processing TPA platform with over 160,000 in transition. SEB solutions can capture over 90% of the fees spent to manage a plan member, which typically are in the range of 7% to 10% of premiums.
About Smart Employee Benefits Inc. (“SEB”):
SEB is a proven provider of leading-edge IT and benefits processing software, solutions and Services for the Life and Group benefits marketplace and government. We design, customize, build, and manage mission critical, end-to-end technology, people and infrastructure solutions using SEB’s proprietary technologies and expertise and partner technologies. We manage mission critical business processes for over 150 blue chip and government accounts, nationally and globally. Over 90% of our revenue and contracts are multi-year recurring revenue streams contracts related to government, insurance, healthcare, benefits and e-commerce. Our solutions are supported nationally and globally by over 600 multi-certified technical professionals in a multi-lingual infrastructure, from 8 offices across Canada and globally.
Our solutions include both software and Services driven ecosystems including multiple SaaS solutions, cloud solutions & Services, managed Services offering smart sourcing (near shore/offshore), managed security Services, custom software development and support, professional Services, deep systems integration expertise and multiple specialty practice areas including AI, CRM, BI, Portals, EDI, e-commerce, digital transformation, analytics, project management to mention a few. The Company has more than 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations.
Certain information in this release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY’S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
All figures are in Canadian dollars unless otherwise stated.
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