Discl: Held IRL and in SM

Appears to be a nice win from ALC:

• Very decent 18% TCV uplift from the original NCIC deal of $37.5m in Feb 2025
• Is a great data point that the NCIC deployment should be going OK - companies almost never uplift an IT contract pre-go-live, if the deployment is not going well
• Adds Electronic Document Management System (EDMS) capability into the Miya Precision ecosystem
• Provides another data point on the interoperability of Miya with 3rd party vendors - a good thing

What I am not fully clear with is:

• ALC’s net revenue from the uplift given that Mizaic is a partner with the solution, so a larger chunk of that uplift should logically go to Mizaic
• Margins thereof - should be high as the cost should mostly be around the development work to integrate to/from MediViewer
• Contract upsell opportunities arising - the para below says MediViewer is in 20 trusts today, but it does not say which of the 20 are existing ALC customers - if none are, then MediViewer interoperability could open some new doors or open smaller contract uplifts, if they are existing customers

But any win is a nice win!