TIDMPTY
RNS Number : 1793T
Parity Group PLC
13 November 2019
13 November 2019
AIM: PTY
Parity Group PLC
("Parity" or "Company")
Parity shares revenue with Integumen plc to deliver AI data
platform solutions to clients
Parity announces that it has signed Heads of Terms with
Integumen plc to enter a multi-year Framework Agreement
("Agreement") to be completed on or before the 18th of December
2019. It is envisaged that the Agreement will give Parity access to
Integumen's Artificial Intelligent ("AI") software which it can
supply across its client base which includes the National Health
Service ("NHS"), Central Government and Private Institutional
clients.
This Agreement accelerates Parity's transformation from a
predominately commoditised recruitment business to a data
consultancy service provider of intelligent data management
systems, extracting value using analytics, with a focus on return
on investment for our Company's 100+ institutional clients. The
software includes full GDPR compliance with secure cloud data
migration from existing legacy systems to a digital workplace
through the military grade encryption "Drive4Growth" AI platform
powered by Integumen's Rinodrive.
Combined benefits:
-- Recurring shared revenue streams for both Parity and Integumen in 2020
-- Value-added proposition in demand from Parity clients with c. 3 to 5-year annual contracts
-- Immediate access to 100+ public and private institutional clients
-- Trusted approved vendor for Government and private sectors for over 45 years
-- 700+ data experts and 50+ enterprise sales and office professionals
-- Existing cross-over access to educational institutional research facilities
-- Access to multiple industry, public and private sector distribution routes to market
-- Well defined roadmap to next level business growth for both Parity and Integumen
Since the appointment of the new CEO, in February 2019, there
has been structural changes to the business. Client management
focus is on increasing profitability. New senior management has
reduced high-volume low-margin business to low-volume high-margin
multi-line business development. This includes new, higher value
data expert professional service offerings. Reduction in headcount
of 35% has resulted in a rolling 12-month gross cost saving of
GBP2m. Heading into 2020 with these changes and with today's
agreement, the board expect the Company will deliver a right-sized
company with higher margins, increased profitability leading to
improved shareholder value.
Matthew Bayfield, CEO of Parity Group plc, comments:
"Parity is pleased to be partnering with Integumen and rolling
out the Drive4Growth AI platform to our client base. We have been
working with many of the same clients for 45 years, so we
understand their needs. With healthcare sector data in 2020
expected to double every 73 days, our clients need to securely
manage and extract greater value using analytics and AI in order to
make important decisions. The Drive4Growth AI platform delivers on
those requirements, increases revenue per client, increases client
contract term and generates a higher margin, leading to greater
profitability."
Gerard Brandon, CEO of Integumen plc, comments:
"We are delighted to be able to roll-out the Drive4Growth AI
platform in partnership with the credibility and reputation that
Parity data experts hold with an extensive list of public and
private institutions. We look forward to working alongside Parity
to extract greater value for their clients and contribute to the
transformation of the UK's National Health Service, public and
private institution data over the next few years."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
Contacts
Matthew Bayfield,
CEO +44 (0) 208 543
Parity Group plc Roger Antony, GFD 5353
WH Ireland Limited Mike Coe +44 (0) 117 945
(Nominated Adviser & Broker) Chris Savidge 3470
-------------------- -----------------
+44 (0) 7836 293
Donhead Consultants (Broker) David Beck 383
-------------------- -----------------
About Parity Group: www.parity.net
Parity helps organisations find the right people, skills and
data to support data-led business decisions. Providing advice on
data and with access to qualified personnel with skills offered,
either as a managed service, through resourcing in the contract or
permanent market or as part of a learning and development
programme.
Income derives from a mix of long-term contracts with public and
private sector organisations as well as expanded projects with
existing clients as a result of strong relationships and a track
record of high client satisfaction. Key highlights comprising
of:
-- Over 45 years of expertise in public and private recruitment and service contract sector
-- More than 50 employees across the UK
-- Client numbers exceed 100 in both UK and Ireland
-- Associate numbers supporting client services exceeds 700
About Integumen: www.integumen.com
Integumen is a vertically integrated product and services
company for skin related diseases, treatments and therapies with
four business units:
-- Labskin AI's technology platform incorporates artificial
intelligence within clinical research for medical device,
pharmaceuticals, cosmeceuticals and related life science test
services. Labskin allows skincare, healthcare, pharmaceutical
manufacturers and cosmetic companies to test their products on
human-like skin in a real-world environment with full access to
multiple state-of-the-art partner technologies.
-- Rinodrive is a data aggregation, refining and AI analysis
open-source eco-system designed to provide third-party service
providers the ability to offer their clients valuable insights that
support clinical, operational and financial decisions in healthcare
services, third-level education, government departments and the
financial sector.
-- Wound pHase is developing skin and wound care products using
its proprietary wound dressing technology. Working in collaboration
with CBD providers creating a CBD infused diabetic wound care
product range.
-- Stoer-for-men skin products e-commerce division offers a
range of skincare products derived from 5 natural super-ingredient
plant extracts specifically for men to reduce the signs of ageing
and is also used as a control for client testing within Labskin
laboratories.
RinoDrive "Drive4Growth": www.rinodrive.com
A fully integrated set of software tools that can ingest data,
in any volume, from any source in any format, interact with it,
learn from it and enrich it to unlock insights and discoveries.
This data management solution was developed by scientists and
engineers with experience in software, sensors, AI, optofluidic
research, fintech, green-tech, travel and healthcare.
It was designed to allow interaction, in a cyber-secure
environment, with commercially sensitive data, and to share
insights across multi-disciplinary teams, generating different data
formats, from multiple sources, located in different countries.
RinoDrive delivers big data, AI functionality and world class
infrastructure to large companies with big data problems. These
include financial services, education and life science companies.
Most recently completing the automation of laboratories and
application of AI to unearth more knowledge about the skin
microbiome. This led to the acquisition in May 2019 by Integumen
PLC, to secure access to, and the exploitation of data from some of
the largest cosmetic, pharmaceutical and medical companies in the
world.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRFFIFWEFUSEFF
(END) Dow Jones Newswires
November 13, 2019 02:00 ET (07:00 GMT)
Partway (AQSE:PTY.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Partway (AQSE:PTY.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024