INDUCT - EXTENDED CONTRACT WITH STATOIL

OSLO, 9 November 2017 – Induct AS has extended the contract with Statoil ASA

Reference is made to the announcement on 5 April 2017 on a contract made with Statoil innovation department, which covered an initial pilot project.

Based on a successful completion of the pilot, and a high degree of satisfaction, Statoil will company-wide roll out the Induct platform. The ARR (annual recurring revenue) of the current contract is NOK 540,000. The contract also includes commercial terms for potentially deploying the Induct platform for supporting additional business processes and areas within Statoil.

“We are extremely pleased with the pilot project within Statoil, as it has demonstrated significant value so that we could enter into a permanent agreement. We are looking forward to the global roll out, and include additional business areas into the Induct platform”, says CEO Alf Martin Johansen in Induct.

This is a contract in the vertical Enterprises, which is one of the five verticals Induct focuses on (Health, Municipalities/cities, Enterprises, Education and Humanitarian sector).

           

For further information, please contact:

Alf Martin Johansen, Chief Executive Officer
+47 90 17 94 35
amj@inductsoftware.com

           
      
About Induct

Based on eight years of collaboration with over 250 organizations globally, Induct offers a digital platform that enables efficient management of knowledge based projects and processes. In addition Induct enables the organisations to communicate, collaborate and share knowledge in a secure cloud-based network.

Subscriptions is the main source of income for Induct. Induct has customers in 9 countries

Induct is listed on the Merkur Market list on Oslo Stock Exchange with the ticker INDUCT-ME.

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