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LoopUp Group PLC - London-based software provider for remote meetings - Says PGi Connect has sent out the first and largest batch of contract assignment notices to around 8,100 of its enterprise customers concerning the transition of services to LoopUp from October 1. These customers currently generate an annualised revenue run-rate of around 34 million to PGi Connect, it adds.
On Thursday, LoopUp announced the contract win with PGi, which is expected to generate revenue of £10 million and £5 million of net cash in the 12 months to September 2023. Under the contract, LoopUp has the rights to transfer materially all of PGi Connect's conferencing services customers, except from its webcasting customers, over to LoopUp.
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