REG - Sopheon PLC - Five-year, $11.2m Enterprise Agreement

SopheonAnnouncement

16/08/2022 07:01

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RNS Number : 0763W  Sopheon PLC  16 August 2022

SOPHEON PLC

("Sopheon" or the "Company")

Sopheon and Team Submarine confirm Five-year, $11.2m Enterprise Agreement

Deployment within Naval Sea Systems Command of the US Navy will help modernize
engineering, manpower and training processes

Sopheon, the leading international provider of software and services for
Enterprise Innovation Management solutions, announced today that Team
Submarine, a grouping of submarine programs within the Naval Sea Systems
Command (NAVSEA)-the largest of the U.S. Navy's six system commands-will use
Sopheon's flagship solution Accolade® to modernize numerous processes related
to the engineering of and training for new submarines in a five-year, $11.2
million enterprise agreement.

 

In the face of changing demands and cyclical technology improvements, Accolade
will help Team Submarine modernize and manage its strategy and innovation
planning and build alignment between changing strategic plans and innovation
initiatives. Accolade will help ensure resources are allocated to the right
mix of capabilities and those with the most potential are rapidly developed
and delivered.

 

Accolade will also allow Team Submarine to replace outdated manual training
tools and communication channels with a dynamic automated system that will
give sailors the most comprehensive and efficient training necessary to
operate advanced, highly technical submarines.

 

The agreement extends Sopheon's partnership with NAVSEA
(https://www.sopheon.com/news-releases/sopheon-earns-ato-naval-sea-systems-command-navsea/)
. In 2021, Accolade became the first commercial cloud innovation management
platform to achieve Authority to Operate (ATO) for NAVSEA, exceeding the U.S.
Navy's rigorous Risk Management Framework. Today's announcement further
solidifies Sopheon as a trusted innovation partner for a wide range of
governmental organizations.

 

Achieved following a substantial investment of time and effort, this material
five-year arrangement will help to underpin financial goals for current and
future years. Further information will be included in Sopheon's upcoming
half-year report, due for publication on 24 August 2022.

 

"Sopheon is delighted to partner with Team Submarine and to extend our growing
relationship with the U.S. Government," said Greg Coticchia, CEO of Sopheon.
"It is an honor to work with the best on one of the most advanced technology
roadmaps known to industry. We look forward to great success in this
partnership with Team Submarine and helping them achieve their goals for many
years."

 

 

For further information contact:

 Andy Michuda (Executive Chairman)              Sopheon plc  + 44 (0) 1276 919 560

Arif Karimjee (CFO)
 Carl Holmes/Edward Whiley (Corporate Finance)  finnCap      + 44 (0) 20 7220 0500

 Alice Lane/Sunila de Silva (ECM)

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014 as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 (as amended) ("UK MAR").

Sopheon and Accolade are trademarks of Sopheon plc. All other trademarks are
the property of their respective owners.

About Team Submarine. Team Submarine is a combination of Program Executive
Office (PEO) Strategic Submarine (PEO SSBN), PEO Attack Submarines (PEO SSN),
and PEO Undersea Warfare Systems (PEO UWS).The Team Submarine concept divides
the single submarine-centric organization into specific PEOs with the goal of
enhancing the structures and processes in the submarine research, development,
acquisition, and maintenance communities. Team Submarine provides exceptional
communication among the various offices that contribute to the overall success
of the United States Submarine Force.

About Sopheon. Sopheon (LSE: SPE) partners with customers to provide complete
enterprise innovation management
(https://www.sopheon.com/?utm_source=PressRelease&utm_medium=Press&utm_campaign=PR-Gen)
solutions including software, expertise, and best practices, that enable them
to achieve exceptional long-term revenue growth and profitability. Sopheon's
Accolade solution provides unique, fully-integrated coverage for the entire
innovation management and new product development lifecycle, including
strategic innovation planning, roadmapping, idea and concept development,
process and project management, portfolio management and resource planning.
Sopheon's solutions have been implemented by over 200 customers with over
60,000 users in over 50 countries. Sopheon is listed on AIM, operated by the
London Stock Exchange. For more information, please visit www.sopheon.com
(http://www.sopheon.com) .

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