NIC Inc. (NASDAQ:EGOV) has secured new multi-year deals for the provision of payment processing and digital government solutions with the States of Iowa and Florida after a competitive bidding process.
NIC expanding its payment solutions to Florida and Iowa
Harry Herington, the company’s CEO and Board Chairman, said that they are delighted with the State of Iowa and Florida’s confidence in the company’s solutions. This comes as the company continues to expand its payment processing and digital government services nationally. The contract wins further, reinforces the momentum the company has seen this year.
In Florida, the company received a contract to offer transaction-funded payment processing services for state agencies. The contract will be a transaction-funded five-year deal with the option of an extension for another additional five years. Municipalities and cities will be able to work with the company for comprehensive payment processing services and the promotion of seamless financial transactions for businesses and citizens in Florida. The State presents a massive opportunity for NIC considering in the FY ended June 2018 its processed around 74 million transactions, estimated to be around $52 billion across 19 state agencies.
NIC partnering with Iowa in a new five-year transaction funded contract
In Iowa, the company will also act as an enterprise digital government solutions partner following a 15-year partnership that ended in 2017. According to the new terms of the five-year transaction-funded deal, The Company’s des Moines-based team will help the State consolidate digital services into unified experiences for citizens.
Iowa’s Chief Information Officer Annette Dunn said that they are delighted with their digital solutions partnership with NIC in the State, beginning with payment processing services. Annette said that several agencies across Iowa would benefit from the strategic and streamlined approach to payment processing and the company’s digital solutions. She added that the solutions align perfectly with Governor Reynolds’ vision for having technology centered on citizens and where transactions are in digital wallets.
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