Eckoh Jumps On US Contract Win

LONDON (Alliance News) - Eckoh PLC said Monday it has signed a five-year exclusive agreement with an unnamed US-based provider of business process outsourcing and communication services, to distribute its secure payment products across the US.

The secure payment products provider saw its shares jump shortly after the open Monday morning, trading 11.34% higher at 45.65 pence per share, amongst the top ten gainers on the AIM market.

The deal commences July 1, 2014, and has minimum revenue payments to Eckoh over the five-year term of the agreement totalling USD24 million, said the company, which become payable based on achieving certain sales criteria, measured annually.

Eckoh's hosted products will be made available from October 1, 2014 via its unnamed partner's telephony infrastructure that annually processes billions of phone-based transactions on behalf of many US corporations.

The company said that the deal will enable it to "target new customers and the Partner's existing US customer base, which includes over 80% of the Fortune 500 and covers a wide-reaching portfolio of sectors, including financial services, healthcare, retail and telecommunications."

Eckoh has a range of secure payment products that are designed to help merchants become compliant with the Payment Card Industry Data Security Standards and to reduce the risk of fraud by eliminating card data from contact centres and IT environments, including the CallGuard product which can be deployed on a client's site or hosted in the Cloud, and enables contact centre agents to take card payments from callers without seeing, hearing or accessing their card data in any way.

By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance

Copyright 2014 Alliance News Limited. All Rights Reserved.