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Claritev Corp (NYSE:CTEV) reported Wednesday that it has renewed contracts with its ten largest clients, based on fiscal year 2024 revenues. The announcement was made in a press release statement filed with the Securities and Exchange Commission. The company, with a market capitalization of $941 million and annual revenue of $936 million, has shown remarkable market performance with a 176% price return over the past six months.
According to the filing, these ten clients accounted for approximately 70% of Claritev’s total revenue in 2024. Of these, some contracts were automatically renewed for one year, while the remainder were renewed through other means during the current year. Excluding the automatically renewing contracts, the group represented about 57% of total 2024 revenues.
The weighted average contract term among these clients is more than three years, not including those with automatically renewing one-year agreements.
Claritev, headquartered in McLean, Virginia, provides business services and is listed on the New York Stock Exchange under the ticker CTEV. The company’s former names include MultiPlan Corp, Churchill Capital Corp III, and Butler Acquisition Corp.
The information is based on a press release statement included in the company’s SEC filing.
In other recent news, Claritev Corporation reported a 3.5% increase in revenue for the second quarter of 2025, bringing in $241.6 million. The company has adjusted its full-year revenue guidance to anticipate a flat to 2% increase, reflecting a cautious outlook. Piper Sandler has raised its price target for Claritev from $44 to $86, maintaining an Overweight rating, citing the company’s strong quarterly performance as a potential start of a new operational phase. Claritev has also entered into a strategic agreement with iO Health-FZE to introduce the Optima AI platform in the Middle East and North Africa, aiming to enhance healthcare financial processes in the region. Additionally, the company appointed Brock Albinson as Senior Vice President and Chief Accounting Officer, taking over from Gerald Kozel. Albinson brings extensive experience from his previous roles at Automatic Data Processing, Inc. and PricewaterhouseCoopers. These developments indicate Claritev’s ongoing efforts to strengthen its operational and financial strategies.
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