NTG Clarity Networks Inc. announced that it has received new purchase orders (POs) and contracts for a total of CAD 4.3 million in new work and renewals for existing customers in the Financial and Telecom sectors. These POs and contracts represent an expansion of NTG's business relationship with several key customers of both outsourced services and software products. The breakdown of the work is as follows, with all customers in the Middle East: $3.3 million in POs and contracts for new work: $1.45 million contract for a software infrastructure enhancement project for one year for an existing customer in the Financial sector at a gross margin of approximately 41%, $1 million estimated frame agreement to provide onsite and offshore professional services for 2024 for an existing customer in the Financial sector at a gross margin of approximately 38%, $450,000 in POs to provide onsite professional services for one year for an existing customer in the Financial sector, $165,000 in POs to provide onsite professional services for one year for an existing customer in the Financial sector, $150,000 in POs to provide onsite professional services for one year for an existing customer in the IT sector, $91,000 in POs to provide NTGapps license and customization for an existing customer in the Financial sector.

$1 million in renewals: $721,000 in POs to provide onsite professional services for one year for an existing customer in the Financial sector, $176,000 in POs to provide onsite professional services for one year for an existing customer in the Financial sector, $120,000 in POs to provide NTG Asset Management software license and support for an existing customer in the Telecom sector, $28,000 in POs to provide NTGapps support and customization for an existing customer in the Telecom sector, $23,000 in POs to provide NTGapps support and customization for an existing customer in the Telecom sector. Especially noteworthy are the two large contracts with Middle Eastern financial institutions. As a part of Saudi Arabia's Vision 2030 economic development plan, the kingdom is investing heavily in becoming the region's financial hub.

Projects to enhance digital infrastructure are becoming larger and more frequent to ensure software systems are adequate for the growth that the country is seeing.