The announcement

Netcall (LSE:NET), the UK provider of low-code automation and customer engagement software, announced on Friday 6 November 2026 a collaboration with Box, the US cloud content management company, together with a new integration suite. The tools connect the digital services platform Netcall gained when it bought Jadu with documents and other enterprise content held in Box. According to the company, customers will be able to build AI-assisted self-service portals, applications and personalised experiences while that content stays under existing governance controls.

The company presented the move as a way to speed up service delivery, reduce manual work through automated workflows and broaden its reach beyond existing markets and customer groups.

About the company

Netcall provides low-code automation and customer engagement software, with a large part of its Business serving public sector organisations such as councils and health bodies. Low-code platforms let organisations build applications and workflows with less hand-written programming. After buying Jadu in December 2025, the company added web and digital service platform products to its range.

Where Jadu fits

Jadu, acquired in December 2025, chiefly specialises in web and digital service platforms, a market Netcall serves heavily through public sector bodies such as councils. Netcall's final results for the year to 30 June 2026, released on 7 October, said integration of Jadu had been completed and had produced about £1.0m of annualised savings. Earlier, the July trading update said Netcall served around 700 customers and that early cross-selling between the businesses had begun.

The financial backdrop

Group Revenue rose 20% to £57.7m in the 2026 financial year, of which 12 percentage points were organic and eight came from acquisitions, according to the trading update. Cloud services revenue increased 37% to £40.1m. Annual contract value, a forward-looking measure of recurring business, climbed 27% to £53.7m, with the cloud element up 37% to £46.3m. Adjusted EBITDA grew 23% to £12.1m and adjusted pre-tax profit was £9.9m.

Net cash at the year end stood at £21.0m, down from £27.2m after £13.4m of Acquisition payments. The board proposed a final Dividend of 1.10p. LSE:NET said sales of its AI-related products had nearly tripled and that AI featured in more than 40% of new cloud orders.

Cloud contracts now make up about 86% of total annual contract value, according to the July update, which means the group's future growth rests largely on subscription products such as those the Box suite is designed to extend. Management described its sales pipeline entering the new financial year as a record.

Why the Partnership matters

Box is widely used by large organisations to store and control files, so an integration that lets Jadu-built services draw on that content may make Netcall's platform easier to sell into organisations already committed to Box. That matters because the group's growth has depended on cloud migration and on adding AI features to existing accounts. A partnership with an international software vendor also offers a possible route to customers outside Netcall's core UK base, which the company itself identified as a potential benefit.

The development is better read as distribution and product breadth than as a near-term revenue event. Integrations of this kind typically generate income only when customers buy subscriptions that use them, and Netcall has not quantified any expected uplift, and investors have no disclosed baseline against which to measure the collaboration's progress in future results.

The financial figures

Revenue of £57.7m, up 20%, with 12 points organic and 8 points acquired, shows that most of the increase came from existing operations. Cloud services revenue of £40.1m, up 37%, is about 69% of the total. Annual contract value of £53.7m, up 27%, is a little below total revenue growth's trajectory in absolute terms but shows rising recurring business. The cloud element of £46.3m is about 86% of the total, as the company says. Adjusted EBITDA of £12.1m on revenue of £57.7m is a Margin of about 21%.

Cash and capital

Net cash fell by £6.2m to £21.0m after £13.4m of acquisition payments, which means that excluding those payments the business generated about £7.2m of net cash. The proposed final dividend of 1.10p is a modest payment relative to profit. Integration of Jadu is complete with about £1.0m of annualised savings, which supports margins.

What the Box integration does

Box stores and manages documents for large organisations, with governance controls over who can see and change content. The integration lets Netcall's platform draw on that content to build portals and applications without moving the documents out of Box. For public sector customers who handle sensitive records, keeping content under existing controls is a practical requirement.

AI in the product range

The statement that sales of AI-related products nearly tripled and that AI features in more than 40% of new cloud orders shows how quickly the technology is being adopted by customers. The Box collaboration refers to AI-assisted self-service portals, which fits the same direction. The record pipeline entering the new financial year is a measure of future sales opportunities, though not all pipeline converts.

Public sector spending

Because a large part of the customer base is made up of councils and other public bodies, Demand depends on their budgets and on policies that encourage digital services. Contracts tend to be multi-year and subscription-based, which gives revenue some stability, although procurement processes can be slow and the timing of new orders can be uneven. Automation and self-service tools are attractive to organisations that want to deal with more enquiries without adding staff.

The company describes cloud contracts as the main driver of its growth. Moving customers to cloud subscriptions means that revenue is spread over the contract period, so the benefit of a sale accumulates gradually. The annual contract value measure helps investors see how much Recurring Revenue has been signed.

Risks and what to watch

LSE:NET has disclosed no exclusivity or commitments from Box, and partner-led sales can take many months to build into meaningful contract value. Its reliance on UK public sector buyers leaves it exposed to budget pressure and procurement delays. Acquisitions have consumed cash, and further deals, which management has said remain part of its strategy, would carry integration risk.