In a development that has received the attention of the financial media, remote meetings technology company LoopUp Group has signed a “material contract renewal” with Clifford Chance. The minimum total contract value is £2.34m over a three-year term.

Aim-listed LoopUp will be providing conference calls across Clifford Chance’s global operations, spanning 32 major financial centres in the Americas, Asia Pacific, Europe, the Middle East and Africa.

While the LoopUp product is typically offered on a pay-as-you-go basis, the deal with Clifford Chance is based on a guaranteed minimum spend. It is a major win for the company whose total revenue in 2017 was £17.5m.

Steve Flavell, the co-chief executive of LoopUp, said conference calls form a critical component of Clifford Chance’s important day-to-day interactions with their clients. “The quality of these calls – both from a user experience and audio quality perspective – is paramount,” he added.

LoopUp’s share price climbed 20 pence, or 6.3 per cent, to 345 pence following the news.