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VANCOUVER, BC, Nov. 16, 2021 /CNW/ - HealthSpace Data Systems Ltd. (the "Company" or "HealthSpace") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF) is pleased to announce it has entered into negotiations for a contract with the City of Anaheim Fire and Rescue Department ("Anaheim") following the recommendation of the city selection committee after their review of proposals solicited in a Request for Proposal ("RFP") process. The anticipated total contract value will be US$200,990 over five years. Once finalized, this contract will be the Company's first official entry into a new government vertical, fire departments.
Fire departments, as a new market vertical, represents a significant opportunity for the Company. According to the U.S. Fire Administration, there are over 27,000 fire departments in the United States with more than one million personnel working across these departments. By comparison, the Company estimates its primary market, environmental health departments with just over 3,000 departments across the US, to have a total addressable market size of US$120M in ARR. This new outsized market opportunity has begun to show substantial interest in the applicability of the Company's suite of solutions.
For the past few months, HealthSpace has been working with leadership in multiple fire departments to discuss the applicability of the HealthSpace suite of products for the regulatory activities performed daily by fire departments. On September 29th, 2021, the company submitted its proposal in response to Anaheim's RFP for a replacement of their existing system, specifically related to hazardous material ("HazMat"), licensing, inspections, and regulation. In addition, the RFP included a citizen portal allowing for licenses to be applied and paid for online using HSPay. HealthSpace was selected for contract negotiations out of a dozen bidders as the Company's product best fit the needs of the City of Anaheim Fire and Rescue Department.
The focus of this initial contract will center around the HazMat regulatory programs, and allows the City to contract and deploy HSCloud Suite, along with HSPay and GovCall. The ARR for Anaheim will be $25,798 annually. The contract execution, and projected implementation start date, is anticipated to be December of this year. Subscription revenue to the Company is scheduled to begin on the same date.
HealthSpace CEO, Silas Garrison noted "I am thrilled to see the interest and new market opportunities coming from fire departments. Fire Departments represent the first large, non-health vertical that we are entering in earnest. Our business development team has been working for some time to develop a path for fire departments to be able to utilize our platform for their data management needs. We have learned through this process that this is a government category that has been historically underserved. We look forward to finalizing a contract and to begin serving the City of Anaheim fire department over the coming years."
Mr. Garrison continued, "In addition to Anaheim, we are in late stage conversations with other fire departments which makes Anaheim just the first of what we believe will be many more to come. To underscore the market size and revenue opportunity, Anaheim has around 10 staff users for HSCloud whereas other opportunities have significantly larger user bases and a larger number of regulated activities. As our chief mission is to help government agencies operate more efficiently, we are thrilled that our platform can begin to help fire departments manage their data more effectively which ultimately will help them serve their communities better."
HealthSpace Data Systems Ltd.
HealthSpace is an industry leading software as a service company serving the state, provincial and local government market across the United States and Canada. HealthSpace's cutting edge platforms currently provide inspection, information, communication and data management systems that enable government agencies to operate more efficiently. HealthSpace's cloud and mobile based platforms are currently deployed in over 600 state and local government organizations across North America. HealthSpace currently offers the only fully integrated inspection, administration and analytics product suite across all platforms in North America. HealthSpace also delivers its government grade technologies to private businesses through its My Health Department platform, enabling citizens and private businesses to gain visibility and predictability into their own organizations and move from a reactive to a proactive operational status. As HealthSpace continues to deliver focused service and innovative solutions to government organizations, the Company entered the FinTech space through its HSPay offering which serves as a payment platform that streamlines the intake of government revenue. Further, HealthSpace's GovCall platform offers one of the only teleconferencing and video collaboration platforms tailored exclusively for government agencies.
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although HealthSpace believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. HealthSpace expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE HealthSpace Data
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