Last checked at 16 Oct 2009 07:00
16 October 2009 Corero PLC ("Corero" or "the Group") Corero Signs Major Contract Extension with Large Global Investment Bank
Corero, the specialist provider of software solutions to the banking and securities and education markets, is pleased to announce that it has signed a major contract extension with a large global investment bank for its Radica CAPS software. The bank, a customer since 2003, has purchased a perpetual licence, for an unlimited number of users, to use the software across all its processing centres in Europe, Asia and the United States.
The contract will provide Corero with significant revenue in the year ending 31 December 2009, the result of which will be that the operating profit of the Group for the current year will be greater than that for 2008 and in excess of current market expectations, although it will have the effect of reducing future support revenues from this customer.
Mark Robertson, Managing Director, Corero Financial Markets division commented: "Radica CAPS enables securities firms to automate the entire lifecycle of a corporate actions process. I am delighted that this large investment bank has decided to continue to use it as the basis of its global corporate actions processing platform. This deal will ensure that the Financial Markets division of Corero makes a significant contribution to the Group's operating profit in 2009."
Enquiries:Corero plc Peter Waller, Executive Chairman Tel: 07785 228080 Duncan Swallow, Financial Controller Tel: 01923 695136 Merchant John East Securities Limited (Nominated Adviser) John East/Virginia Bull Tel: 020 7628 2200About Radica CAPS
Radica CAPS is a leading software system that addresses the needs of asset servicing operations for the global banking & securities sector. By fully automating the life-cycle of corporate actions, dividends, including taxation and new issues and placings, Radica reduces the serious operational risk of missing or miscalculating corporate events. This area of operations has traditionally been very manual with all the risk and cost associated with such processes. Radica is designed for a global market and can address the needs of financial institutions from Europe, North America or Asia Pacific.
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