Update: £46m software deal
Innovation’s £46m deal with a major UK insurer is the company’s largest software win to date. With £12m revenues expected to be recognised over the next 12 months, our FY15 estimates now look well underpinned. The rating remains very undemanding. A sum of the parts suggests a 34p per share valuation for the BPS business alone, while this deal significantly strengthens the prospects for the software business to generate substantial incremental value beyond this.
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