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(Alliance News) - Gresham Technologies PLC on Thursday said it agreed a "strategic" contract with an unnamed, "Tier 1 global" asset manager.
The London-based software and services provider, focusing on data integrity and control, banking integration, payments and cash management, said "one of the world's largest asset managers" has selected Gresham Technologies' cloud-based Clareti Control product.
"[This is to ensure the integrity of its accounting books and records and its investment books and records as it upgrades to a next generation set of solutions," Gresham Technologies said.
"The proven ability of Clareti Control to deliver complex matching at scale in the cloud across BNY Mellon [Corp]'s Eagle platform and Aladdin by Blackrock [Inc] was critical to the firm's decision."
Gresham Technologies said this follows the unnamed firm, a long-standing customer of Electra which was acquired by Gresham Technologies in June 2021, signed a subscription contract with total incremental annual recurring revenue of USD500,000 committed for an initial three-year term. This was alongside additional one-off fees expected for associated professional services of USD200,000.
Further, Gresham Technologies said contracts for further additional subscriptions carrying a total ARR of USD100,000 are expected to be signed with the unnamed customer "imminently".
Gresham Technologies said this "further highlights the improving momentum in the financial services sector and underpins our continued investment in our growth strategy".
Ian Manocha, chief executive officer at Gresham Technologies, commented: "Gresham was selected based on the power of our matching technology, which is proven at massive scale, our functionally rich exception management capabilities, our cloud and managed service offerings, and our experience of successfully partnering with the largest financial institutions in the world.
"Gresham's selection highlights the value placed in our offering and furthers our goal to improve the management of risk, lower operating costs, and provide more agile solutions for the future to global financial institutions."
Shares in Gresham Technologies were marginally down at 137.50 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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