Information Services Corporation - Gaining momentum with new contract win

Information Services Corporation’s (ISC’s) strong track record of acquiring and innovating registries, and related information services, was highlighted by yesterday’s five-year contract win with the Bank of Canada. This awards ISC with the role of operator and technology solutions provider for the Bank Act Security Registry, a clear testament to the company’s expertise. The operation is expected to commence in the summer of 2024, utilising ISC’s RegSys platform. We estimate that revenue for this contract, akin to the company’s other contracts, will amount to c C$5–15m over the five-year period. We maintain our forecasts and valuation of C$37 per share, implying a 74% upside.