Last checked at 1 Feb 2019 07:00
RNS
1 February 2019
Gresham Technologies plc
Significant Clareti contract with 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.
Ian Manocha, CEO, commented:
"This legacy vendor replacement project builds on a very successful partnership we have had with this key customer since 2013 and is a visible sign of the structural change happening in the reconciliations software market.
Capital markets participants are being held back by expensive deployments of legacy vendor solutions built with inflexible 1990's technology. Many of these systems are approaching end of life and the Clareti platform is the only proven modern enterprise-grade alternative."
Enquiries
Gresham Technologies plc | +44 (0) 207 653 0200 |
Ian Manocha | |
Tom Mullan | |
N+1 Singer (Joint Broker) | +44 (0) 207 496 3000 |
Shaun Dobson / Lauren Kettle (Corporate Finance) | |
Tom Salvesen (Corporate Broking) | |
Cantor Fitzgerald Europe (Joint Broker) | +44 (0) 207 894 7000 |
Philip Davies | |
Catherine Leftley | |
Inside information
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Note to editors
Gresham Technologies plc is a leading software and services company that specialises in providing real-time data integrity and control solutions. Listed on the main market of the London Stock Exchange (GHT.L) and headquartered in the City of London, its customers include some of the world's largest financial institutions, all of whom are served locally from offices located in Europe, North America and Asia Pacific.
Gresham's award-winning Clareti software platform has been designed to provide financial institutions with complete certainty in their data processing. Clareti is a highly flexible and fully scalable platform for ensuring the integrity of data across an enterprise. It is designed to address today's most challenging financial control, risk management, data governance and regulatory compliance problems.