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NEW YORK - SCWorx Corp. (NASDAQ:WORX) announced Monday it has renewed an agreement with an existing healthcare partner for a new three-year term valued at approximately $1,692,000, representing a 113% increase compared to the previous contract. The news comes as a bright spot for the micro-cap company, which has seen its stock surge nearly 12% over the past week, according to InvestingPro data.
The customer, an aggregate purchasing group that has worked with SCWorx for eight years, has expanded its commitment by adding enhanced services and doubling the amount of data processed through SCWorx’s platform.
"For a customer of eight years to not only renew but increase their commitment by 113% speaks directly to the measurable value our solutions deliver," said Tim Hannibal, CEO of SCWorx, in a press release statement.
The renewed agreement will run for three years, allowing SCWorx to strengthen its presence in the healthcare provider community. The company provides software-as-a-service data management solutions for healthcare providers, including virtual item master, contract management, data cleanse and normalization, and data analytics modules.
SCWorx focuses on helping hospitals and health systems with data management, contract optimization, and item master solutions. The company’s platform integrates with existing healthcare information systems to ensure data accuracy and operational efficiency.
The healthcare data management provider stated that partnerships remain a critical component of its growth strategy as it continues to expand its footprint in the healthcare sector.
In other recent news, SCWorx Corp. entered into warrant inducement agreements, resulting in gross proceeds of approximately $721,574. This financial move involved the exercise of warrants to purchase up to 2,064,000 shares of common stock at an exercise price of $0.3496 per share. Additionally, SCWorx announced the appointment of Anders Ohlsson as the new Chief Technology Officer. Ohlsson brings over 25 years of experience in software engineering and cloud infrastructure, having previously held leadership roles at WideOrbit. The company also revealed a new partnership with a leading healthcare supply chain consulting partner to enhance its SaaS data management program. This agreement aims to help hospitals achieve cost savings and optimize procurement spend. The partner operates nationwide, providing access to products and services at various levels. These developments highlight SCWorx’s ongoing efforts to strengthen its financial position and technological capabilities.
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