Last checked at 7 Apr 2010 07:00
| Press Release | 7 April 2010 |
Focus Solutions Group plc
("Focus Solutions" or the "Group")
Global Contract Win
Focus Solutions Group plc (AIM:FSG), a leading provider of multi-channel distribution solutions to the global financial services market, is pleased to announce that it has won a new contract with Mastek, a high-end IT solutions player with global operations providing new technology and intellectual property (IP)-led enterprise solutions.
The contract, which is worth a minimum of £2.75 million over five years, and will allow Mastek to re-sell focus:360°, the Group's market leading multi-channel distribution platform, across North America, Europe (excluding the UK) and Asia Pacific.Starting in March 2010, the contract comprises a five year term licence for focus:360°, worth £500,000 per annum, together with an additional £50,000 per annum of support services.
As part of the agreement Mastek will become a systems integrator for direct engagements with clients outside of the UK, providing Focus Solutions with scalable resource capabilities on a global basis. In addition Mastek will invest in creating an IT centre of excellence to support the implementation and configuration of focus:360° in those territories, as well as provide in-region application support and hosting.
The partnership may also see Focus Solutions and Mastek launch a series of joint value add propositions directed at the European, North American and Asia Pacific markets as well as for the UK to specifically help insurers prepare for a post-RDR world.
Richard Stevenson, Chief Executive, Focus Solutions, said: "We are delighted that Mastek has chosen focus:360° as its multi-channel distribution platform front-ending their Elixir policy administration platform. We see this as a great opportunity for focus:360° to be utilised outside of our traditional UK and Irish markets through Mastek's strong presence across the US, Europe and Asia Pacific. It has always been a key strategy of the Group to extend our international reach and we are looking forward to working with Mastek to provide a unique proposition for global life & pension providers and wealth management firms."
Mike Brinsford, Senior Vice President, Global Insurance Business, Mastek, said: "Global Life & Pensions and Wealth Management organisations are increasingly turning to multi channels to distribute their products and services, including direct to customers through the Internet. focus:360° dovetails perfectly with our Elixir platform to deliver powerful, integrated front and back-office solutions to our clients and prospects. Together, Mastek and Focus will significantly reduce distribution and operating costs and increase the speed to market of new products and services for our customers. We are also looking forward to helping Focus Solutions scale its business through our global IT services and complementary software assets."
Alastair Taylor, Chairman of Focus Solutions added: "I am excited by our new partnership with Mastek which underlines the excellent progress the Group has made towards our goals of diversifying our customer base and expanding the organisation globally beyond our traditional UK and Irish markets. The new contract is also a great example of how Focus continues to grow the proportion of the company's income from recurring licence revenue in-line with our Group strategy."
- Ends -
For further information:
| Focus Solutions Group plc |
|
| Richard Stevenson, Chief Executive | Tel: +44 (0) 1926 468300 |
| Martin Clements, Finance Director | www.focus-solutions.co.uk |
| Daniel Stewart & Company plc |
|
| Andrew Edwards / Simon Leathers | Tel: +44 (0) 20 7776 6550 |
|
| www.danielstewart.co.uk |
Media enquiries:
| Abchurch |
|
| Heather Salmond / Joanne Shears / Mark Dixon | Tel: +44 (0) 20 7398 7709 |
| Joanne.shears@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
About Focus Solutions Group plc
Focus Solutions is an established and proven supplier of multi-channel distribution solutions to the global financial services industry.
Focus has delivered over 100 complex front office projects with multiple integration points and partners to a blue chip client base including 8 out of the top 10 UK Life & Pension providers, a number of leading bancassurers including the likes of HSBC and Irish Life, significant wealth management players such as St James's Place and a number of mortgage providers. The technology truly enables straight through processing whilst providing an engaging client and adviser experience to submit and service business electronically.
focus:360° is at the core of all client implementations providing a single, agile, multi-channel technology platform. Focus has brought together three key areas of expertise: software, consultancy and service delivery. This totally integrated approach means clients can distribute any product across any channel. At the same time they can maintain an enterprise-wide view of the customer value and risk.
For further information on Focus, please visit www.focus-solutions.co.uk
About Mastek
Mastek is a high-end global provider of vertically-focused enterprise technology solutions and platforms that unleash the potential of its clients' organisations and enable business transformation. With revenues over 201 million USD (FY 2009), Mastek is a publicly held (NSE: MASTEK), leading IT company with global operations providing enterprise solutions to insurance, government, and financial services organisations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across US, Canada, UK, Europe, Asia-Pacific and the Middle East. Incorporated in 1982, Mastek has been in the forefront of technology, deploying proven methodologies and processes. Over the years, Mastek has increased IT value generation to its customers through onsite and offshore deliveries.
For further information on Mastek, please visit www.mastek.co.uk