28 Jan 2015 07:00
Date: | 28 January 2015 |
On behalf of: | PROACTIS Holdings PLC ("PROACTIS" the "Company" or "the Group") |
Embargoed until: | 0700hrs |
PROACTIS Holdings PLC
Fifth Third Bank Contract extension & Referral Agreement
§ Extension of contract to include full suite of PROACTIS eProcurement solutions
§ Collaborative software development initiative and Referral Agreement
PROACTIS, a global Spend Control and eProcurement solution provider, announces today that Fifth Third Bank ("Fifth Third") has extended its existing five year contract to include the full suite of PROACTIS eProcurement solutions.
Fifth Third is one of the top 15 US regional banking corporations and is headquartered in Cincinnati, Ohio. At 31 December 2014, Fifth Third had $139 billion in assets and operated 15 affiliates with 1,302 full-service Banking Centers and 2,638 Jeanie® ATMs across 12 states throughout the Mid-western and South-eastern regions of the US.
This follows on from the announcement on 25 June 2014 regarding the Group's landmark agreement with Fifth Third for PROACTIS' Purchase-to-Pay solution, an initial five year software/services contract with associated revenues estimated at $2.19 million.
Under the extension, Fifth Third and PROACTIS will collaborate on the development of PROACTIS' eProcurement solutions to extend key system capabilities and address specific sector process requirements to identify and manage risk and meet regulatory requirements. It is scheduled to be complete within the current financial year.
Under the Referral Agreement, the resultant software will be marketed jointly with Fifth Third to other regional US banks. The Directors believe that the top 150 US banks have approximately $7 trillion in assets, indicating the size of the potential market.
Rod Jones, PROACTIS' CEO, commented:
"We are delighted to be extending our working relationship with Fifth Third Bank so soon after its initial software investment. PROACTIS is well positioned to address the key regulatory and risk concerns for the sector with Fifth Third through its innovative technology. We are confident that our software and collaboration with Fifth Bank will accelerate our imprint in the sector and drive further growth for shareholders."
Enquiries:
PROACTIS Holdings PLC | |
Rod Jones, Chief Executive Officer Tim Sykes, Chief Financial Officer
| Via Redleaf PR
|
Redleaf PR | |
Rebecca Sanders-Hewett Jenny Bahr Rachael Brown | 0207 382 4730 |
finnCap Limited Stuart Andrews Charlotte Stranner | 0207 220 0500
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Notes to Editors:
PROACTIS creates, sells and maintains specialist software which enables organisations to streamline, control and monitor all internal and external expenditure, other than payroll. PROACTIS is used in approximately 500 organisations around the world from the commercial, public and not-for-profit sectors.
PROACTIS is head quartered in Wetherby, West Yorkshire. It develops its own software using an in-house team of developers and sells through both direct and indirect channels via a number of Accredited Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange in June 2006.
CLOUD COMPUTING is defined as location-independent computing, whereby shared servers provide resources, software, and data to computers and other devices on demand, as with the electricity grid.