Tribal Group scores five-year contract with Kings College London

Educational software firm Tribal Group said on Thursday that it had signed a £3.1m, five-year contract with Kings College London to provide the university with its Tribal:Cloud service.

Tribal said incremental revenue from the contract was £2.1m, and included an incremental annual recurring revenue value of approximately £300,000 per year, commencing in June 2021.

The AIM-listed group added that Kings College, an existing on-premise customer of Tribal, had elected to migrate its current student management system to the Tribal SITS Cloud, providing "an improved student experience" and delivering "operational efficiencies" for the university.

Chief executive Mark Pickett said: "I am delighted that Kings College London, one of the top research and teaching universities in the world, has selected our cloud service for the ongoing provision of their core student administration service.

"This is a strong endorsement of the validity of our cloud-first strategy. With a growing recognition across the global education sector of the benefits the public cloud can provide, we are excited by the opportunity ahead."

As of 1245 GMT, Tribal shares were up 3.48% at 87.18p.