Expects positive impact in Q4, 2009 and 2010
Cover-All Technologies, a developer of software solutions for property and casualty insurance industry, has signed two license deals, one with an existing customer for the My Insurance Center (MIC) suite of products, including, NexGen Rating and Issuance and other with a former customer returning to the company after several years.
These two five-year contracts are expected to generate license revenue in Q4, 2009 and license, professional services and maintenance revenue in 2010 and beyond.
John Roblin, chairman of the board of directors and CEO, said: “We are delighted to have these two important customers – customers we have known for many years – renew and expand their relationship with Cover-All by licensing MIC.
“These contracts underscore a period of tremendous activity for Cover-All, and further validate the progress we have been making in improving our product offerings and expanding our market presence. I am particularly gratified that these wins are for customers who had already tried competing solutions but, in both cases, decided to renew and expand their relationship with Cover-All.
“Our entire team is working diligently to implement a portion of these projects during the fourth quarter, which would result in our recognizing a portion of the license fees before the end of 2009. We expect to complete the implementations during 2010, resulting in additional license, professional services and maintenance revenue.”