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MACH7 TECHNOLOGIES LIMITED — Capital/Financing Update 2019
Jul 8, 2019
65285_rns_2019-07-08_e179b5a9-0ef3-40f7-883e-ce1a9cee024f.pdf
Capital/Financing Update
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ASX Announcement
9 July 2019
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Mach7 Contracts with Advocate Aurora Health for the Mach7 Enterprise Imaging Platform
Melbourne, Australia; 9 July 2019: Mach7 Technologies Limited (“Mach7” or “the Company”) (ASX:M7T) is pleased to announce that it has signed a Software and Services Agreement with Advocate Aurora Health (AAH), an integrated healthcare network headquartered in Milwaukee, Wisconsin. The agreement has a minimum total contract value of A$5.7 million across a five-year term. Importantly, A$550k per annum will be added to the Company’s annual recurring revenue, taking the total annual recurring revenue under contract to A$8.4 million per annum.
AAH has contracted with Mach7 for its Enterprise Imaging Platform to store and manage images across its healthcare network. Along with the Mach7 Platform, AAH also purchased the migration engine to migrate ~3.5 petabytes of data. This deal is one of Mach7’s largest to date within the US, and AAH is now one of the Company’s largest US customers, demonstrating that Mach7 has an increasing influence and market share in the US market.
Mike Lampron, Mach7 CEO, commented: “We are very excited to partner with AAH and look forward to the delivery of our enterprise platform to their institution. This begins the journey towards a true enterprise imaging strategy for AAH and we are honoured to be a part of that journey.”
Mach7 will release its quarterly business update before 31 July.
About Advocate Aurora Health:
AAH is one of the 10 largest not-for-profit integrated health systems in the United States, encompassing 28 hospitals, 500 outpatient locations, and 68 Walgreen’s clinics across the states of Wisconsin and Illinois.
About Mach7 Technologies:
Mach7 Technologies (ASX:M7T) develops innovative data management solutions that create a clear and complete view of the patient to inform diagnosis, reduce care delivery delays and costs, and improve patient outcomes. Mach7’s award-winning enterprise imaging platform provides a vendor neutral foundation for unstructured data consolidation and communication to power interoperability and enables healthcare enterprises to build their best-of-breed clinical ecosystems. Mach7’s sophisticated workflow tools, advanced clinical viewing and optimized vendor neutral archiving solutions unlock silos of legacy systems empowering healthcare providers to own, access and share patient data without boundaries. Visit Mach7t.com.
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ASX Announcement
9 July 2019
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For more information, contact :
Jenni Pilcher CFO, Mach7 [email protected]
Andrew Keys Investor Relations, Keys Thomas Associates [email protected]
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