Innovation Group (LON:TIG) , the enterprise software company that works in the global insurance, financial services, motor and fleet industries, has secured a new three year, £5.75m contract in North America with the world's largest general use car rental brand. The contract will see the group provide motor physical damage repair management services across North America and is an addition to an existing pan-European agreement.

Andy Roberts, the chief executive Innovation, said: “I am extremely pleased to be announcing this new contract with such a well-known global brand and we look forward to continuing our solid working relationship with them. This new contract extends the group's work for this brand in North America and positions us as a key player in the sector. It is further proof of the attractiveness of our offer and a mark of our growing strength in the motor services segment.”

Shares in Innovation rose by 6.3% to 12.5p on the news, which follows two similar contract wins in April. One of those was with South Africa’s Nedbank, which is expected to generate revenues of around £31.0m over five years. The other was with one of the world's largest vehicle management groups, which extended its relationship with Innovation with a new three year, £10m deal.

In the year to September 2009, Innovation posted revenues of £155.9m, up from 139.9m, and pre-tax losses of £19.8m, up from £3.8m previously. In December it went on to launch a £21.0m placing and open offer in order to bolster its capitalisation and compete more effectively with larger, global competitors.

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