NEW YORK - XBP Europe (NASDAQ: XBP and XBPEW), a provider of digital transformation solutions, has announced a partnership with the UK's General Register Office (GRO) to digitize historical records. The company has been awarded a multi-year contract valued at approximately $40 million to convert vital records dating back to 1837 into a digital format.
The GRO, which operates under His Majesty's Passport Office, maintains an archive of birth, marriage, and death records for England and Wales. The project is part of a broader initiative to modernize the GRO's systems and services. Due to the age and condition of many documents, including paper records and microfilm, the digitization process presents unique challenges.
XBP Europe plans to employ its hyper-automation AI-led IDP platform and its Global Centre of Excellence to manage the diverse formats and quality issues of historical records. Their bespoke solution is designed to scan and transcribe Civil Registration records, thereby streamlining business processes and providing new tools and resources for the GRO.
Andrej Jonovic, CEO of XBP Europe, expressed pride in the partnership, stating, "We are honored to work alongside HMPO, helping the authority meet its objectives and support its transformation delivery program." He believes the project will significantly improve the services provided to the public by the GRO.
The implementation of this cloud-based solution is scheduled to go live by the summer of 2024, with all data to be stored within the UK. XBP Europe, with a footprint spanning 15 countries and 32 locations, aims to facilitate digital transformation and improve liquidity in markets by expediting payments and encouraging sustainable business practices.
This partnership marks a significant step for XBP Europe in expanding its role as a technology and services partner in the public sector.
The information for this news article is based on a press release statement from XBP Europe.
InvestingPro Insights
XBP Europe, despite its recent strategic contract win, is navigating through financial turbulence as reflected in its market performance. According to real-time data from InvestingPro, XBP Europe has a market capitalization of $39.52 million USD, indicating a relatively small size within the technology sector. This size is significant as it can often imply higher volatility in stock price, which aligns with the InvestingPro Tip that the stock generally trades with high price volatility.
Furthermore, the company's gross profit margin over the last twelve months as of Q4 2023 stands at 23.44%, underscoring the concern highlighted by an InvestingPro Tip regarding weak gross profit margins. This metric is crucial for investors to consider as it reflects the company's ability to manage its cost of goods sold and can impact profitability.
Investors should also note the stock's recent performance, with a 1-month price total return of -36.41% and a 3-month price total return of -45.19%. These figures are indicative of the stock's poor performance over the short term, which is corroborated by an InvestingPro Tip that the stock has fared poorly over the last month.
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