PKS executes $2.5m renewal agreement with Philips

PKS Holidings

Highlights:

  • Renewal Agreement continues Philips’ use of PKS’ RippleDown product, which is now an integral part of Philips’ newly developed Laboratory Information System clinical platform replacing the current separate add-on software solution;

  • Philips to offer its newly developed platform which includes PKS’ RippleDown product to all of their 26 customers at no charge, thereby increasing the number of RippleDown customers.

  • Strong interest in the platform has been shown by potential new customers in the Netherlands and Philips are planning to roll the new platform out to other parts of Europe.

  • The commercial terms have been changed from fixed license fees to a per episode fee and the forecasted income for PKS over the 5-year period is in excess of €1.5m Euro (c$2.34m AUD); and

  • The term is extended to 30 August 2025 and includes automatic 1-year renewal periods.

PKS Holdings Limited (ASX: PKS) (“PKS” or the “Company”), an Australian pioneer of advanced data services in healthcare, is pleased to announce it has renewed and amended its ongoing Software License and Maintenance Agreement with Philips Nederland B.V. (“Philips”) for the PKS RippleDown CDS Software. The Agreement extension is forecasted to be in excess of €1.5m Euro (c$2.34m AUD) and has been signed with a backdated effective date of 1 September 2020.

Tim Kelsey, CEO PKS Holdings Limited said: “Our partnership with Philips, being one of the world-leading healthcare companies, opens up significant opportunities which can be better achieved through Philips’ strong connections in the healthcare industry. With the amended terms, the close relationship between the two companies and the strong Philip’s relationships we see a very strong, commercially successful future for the partnership”.

Daniëlla van den Corput, Business Marketing Manager Laboratory & Pathology Solutions, Philips Health Systems said: “We are pleased to be working with PKS to sell this leading software that adds significant value to our newly developed software platform and will greatly benefit our customers.”

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