Shares of XBP Europe Holdings, Inc. (XBP) experienced a dramatic increase of over 66% today, following the company’s announcement of a substantial new contract. XBP Europe has been selected by His Majesty’s Passport Office (HMPO) as its technology and services partner on a nationwide project to digitize historical records for the General Register Office (GRO).
This multi-year contract in the UK, worth approximately $40 million, is a significant win for XBP Europe. The project aims to address document quality issues within the GRO’s vast archive of births, marriages, and deaths dating back to 1837. XBP Europe will leverage its AI-led IDP platform and its Global Centre of Excellence to transform how records are shared and stored, helping the GRO modernize its systems.
“We are honored to work alongside HMPO, helping the authority meet its objectives and support its transformation delivery program. We believe this transformation project will tangibly enhance the service HMPO provides to the public,” stated Andrej Jonovic, CEO of XBP Europe.
The project is scheduled to go live by the summer of 2024, delivering a cloud-based solution while ensuring all data remains in the UK.
Market analysts attribute today’s stock surge to this major project win, signaling investor confidence in XBP Europe’s ability to secure significant government contracts and its commitment to digital transformation technologies.
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The previous closing price for the stock was 1.3100. It opened today at $1.4100. XBP stock’s price range for the day has been between $1.3501 and $2.5800. Over the past 52 weeks, the stock has traded within a range of 1.1400 to 47.4000. Today’s trading volume is 18,178,926 shares, which is higher than the average volume of 30,219 shares.
