Comprehensive Healthcare Systems Inc. (TSXV: CHS) (OTCQB: CMHSF) has announced a new five-year agreement with the Teamsters Local 237 Welfare and Retirees Benefit Fund to deploy its Novus360 cloud-based administration platform for healthcare benefits and retirement administration. This marks the company's third new five-year agreement in the past six months, bringing the combined value of the three contracts to approximately US$12.1 million (C$17 million) and increasing CHS's signed order book to approximately US$27 million (C$38 million).
The three recently signed agreements are expected to generate average annual revenue of approximately US$2.4 million (C$3.36 million) over their terms. The Teamsters Local 237 contract strengthens CHS's position in the Taft-Hartley and multi-employer benefits market while establishing a reference client within the broader Teamsters network, which represents approximately 1.3 million members across the United States and Canada.
According to the press release, the Novus360 platform is a cloud-based software-as-a-service (SaaS) solution designed for healthcare benefits administration, including self-funded employers, providers, and labor unions. The platform handles all aspects of healthcare benefits administration, providing reliable, high-volume transaction-capable systems.
This announcement is significant for CHS as it demonstrates continued momentum in securing long-term contracts, with the combined value of the three agreements totaling US$12.1 million. The company's signed order book now stands at approximately US$27 million, indicating a strong pipeline of future revenue. The contract with Teamsters Local 237 also provides a foothold in the large Teamsters network, potentially opening doors to additional contracts within the union's extensive membership base.
For more information about Comprehensive Healthcare Systems, visit https://www.comphealthcare.com/. The full press release is available at https://ibn.fm/0G5zr.
