The Social Insurance Institution of Finland has terminated its agreement for administrative case management solution with Innofactor

Innofactor Plc Inside Information, on April 27, 2021, at 15:00 Finnish time

On March 4, 2020, Innofactor announced in a stock exchange release that The Social Insurance Institution of Finland (Kela) selected Innofactor as the provider of an administrative case management solution as SaaS. The estimated total value for the agreement period (including the system’s maintenance services) was stated to be approximately EUR 1,050,000.

Kela has on April 27, 2021 terminated the agreement for the administrative case management solution for reasons not attributable to Innofactor. The termination is due to changes in Kela’s internal cloud service policies. According to the new policies Kela deems that it cannot transfer the planned amount of data into a cloud service.

Due to Kela’s termination decision Innofactor estimates that out of the original estimated total value it will not receive approximately 0,5 MEUR from maintenance services. This does not affect Innofactor’s guidance for the year 2021 or its long-term financial goals.

Espoo, April 27, 2021

INNOFACTOR PLC

Sami Ensio, CEO

Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. [phone]
[e-mail]

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Innofactor
Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its approximately 1,000 customers in commercial, public and third sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has over 500 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. In 2016–2020, the annual growth of Innofactor's net sales has been approximately 8.3%. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. www.innofactor.com #ModernDigitalOrganization #PeopleFirst #CreatingSmiles