Significant Clareti contract with .1 Feb 2019 07:47
....... global Tier 1 bank to replace legacy technology
Gresham Technologies plc (LSE: "GHT", "Gresham" or the "Group"), the leading software and services company that specialises in providing real-time data integrity and control solutions, is pleased to announce that it has signed a significant contract with a global Tier 1 bank.
The financial institution, identified as a Global Systemically Important Bank (G-SIB), is a leading investment bank, asset management and wealth manager, and was one of Gresham's first major Clareti Transaction Control (CTC) customers, having first purchased a CTC licence for intersystem reconciliations and controls in 2013.
Following a competitive evaluation of current market offerings, the institution has selected Gresham's Clareti platform, including CTC, Clareti Adapters and Clareti Analytics, to replace a legacy vendor solution for its global cash and securities processing operations.
The total software fees chargeable under the contract are in excess of CHF 3 million (£2.3 million) over the 5-year term (in addition to the customer's existing Clareti commitments), which is expected to contribute CHF 1.1 million (£0.8 million) to 2019 revenues and add CHF 0.5 million (£0.4 million) to Group annualised recurring revenue.
This contract is one of the two strategic, high-value projects referred to in Gresham's announcement dated 4 January 2019.