Tescom Wins New Contract: Valued at 10M Euros

Tescom Wins New Contract: Value Expected to Reach 10M Euros

Tescom, a publicly traded (TASE: TSCM) software testing and quality assurance provider, recently won a contract with a European insurance company. The project is the migration of the insurance company’s core systems and its first phase is estimated at €700,000, in which Tescom’s services are valued at a third thereof.

Tescom's new client, the European insurance company, recently acquired three companies with various different systems and is seeking to combine and modernize them in order to improve operations and reduce costs. Tescom has stated that its solution will enable its customer to quickly and simply upgrade the existing applications within 8-10 months.

This new contract is added to Tescom's other contracts in the financial industry, including that of the French Ministry of Finance (DGI). Tescom’s recent quarterly report estimated its revenues from this project to be €10M over three years.

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