Beamtree Holdings Limited and its subsidiary Beamtree UK Limited announced a key strategic partnership with Lean, Saudi Arabia's leading provider of innovative health solutions. The agreement of this strategic partnership follows the successful completion of Beamtree's first major contract to support data transformation in public health services of the hospital network data analytics audit for the Kingdom of Saudi Arabia. Beamtree extend the ability to provide further products and services into Saudi via this strategic partnership with Lean.

Beamtree has now received full payment for phase 1 of the data transformation project of USD 1.45 million (AUD 2 million). The next phase is the proposed implementation of Beamtree's products across Ministry of Health hospitals and then more broadly across public and private hospital networks (over 450 hospitals in total). The partnership with Lean is aimed at strengthening offering in the Saudi market.

The new partnership with Lean will promote Beamtree products and services in the Kingdom of Saudi Arabia and follows the successful completion of phase 1 of an audit of public hospitals in Saudi. The audit conclusions of phase 1 included strategic recommendations to improve analytics and use of important patient healthcare data for better patient outcomes, reduced wastage and operational efficiency. Beamtree is a pioneer of AI data and decision support services and operates in 25 countries in the world - Saudi Arabia has put data and decision support at the heart of Vision 2030, its major national health reform program.

Lean is Saudi Arabia's leading health technology enterprise, working as a key enabler of innovative health solutions in Saudi Arabia. Lean is contributing to digitalising the Saudi health ecosystem and boosting the health sector services bylaunching sustainable operational products and stimulating partnerships between the public and private sectors. The partnership aims to support health services in Saudi Arabia improve the quality of hospital data and analytic insight through the audit and automation of clinical record classification.

Beamtree is the recognised world leader in audit and automation of clinical record classification - and in particular in the use of the Australian health classification - ICD-10-AM, which is licenced in Saudi Arabia and other Gulf states. Beamtree's SaaS-based product PICQ® automates the audit of classification and supports clinical record coders to improve the quality of data. It is widely used in countries including Australia, New Zealand and the Republic of Ireland.

This partnership with Lean will support the proposed implementation of PICQ® and related data products in Saudi Arabia if selected by Health authorities or hospitals. Beamtree and Lean share a vision to improve patient outcomes and the more effective use of data in health services. This strategic partnership provides an exciting opportunity to contribute to the ambitious health reform agenda in Saudi Arabia.

Beamtree and Lean will also be promoting new innovations in advanced computer-assisted coding which facilitate real-time data analytics and decision support. In addition, the partnership will support sales of Beamtree's AI decision support products - including RippleDown® - into both diagnostics and hospital services in the Kingdom. The partnership with Lean is expected to support Beamtree's goal of achieving annual recurring revenue of $60 million by 2026.

There are no other material conditions that need to be satisfied before the parties become legally bound to proceed with the terms of the partnership and there is no other material information relevant to assessing the impact of the partnership on the price or value of the Company's securities. The partnership has no end date and there are no termination provisions.