25 Jun 2014 07:00
Date: | 25 June 2014 |
On behalf of: | PROACTIS Holdings PLC ("PROACTIS" the "Company" or "the Group") |
Embargoed until: | 0700hrs |
PROACTIS Holdings PLC
PROACTIS Signs Landmark eProcurement Contract in US
§ Agreement with a leading US regional bank
§ Potential to generate revenue in excess of $2m over a five year term
§ Revenues now anticipated to exceed market expectations
PROACTIS, a global Spend Control and eProcurement solution provider, announces today that it has signed a landmark agreement with Fifth Third Bank ("Fifth Third"), one of the top 15 US regional banking corporations.
The agreement has the potential to generate revenue in excess of $2m over its five year term and based on the revenue that it expects to generate during the financial year ending 31 July 2015, the Board of PROACTIS now expects that the Group's revenues and profits will exceed current market expectations for that period.
The agreement commits Fifth Third to an element of PROACTIS' end-to-end Spend Control and eProcurement solution designed to assist Fifth Third in delivering its profit improvement initiatives through the bringing more of Fifth Third's expenditure on contract and under control and by consolidation of supply wherever possible. The agreement is subject to a termination for convenience option in favour of Fifth Third.
Fifth Third Bank is headquartered in Cincinnati, Ohio. At 31 March 2014, Fifth Third had $130 billion in assets and operated 17 affiliates with 1,309 full-service Banking Centers and 2,616 Jeanie® ATMs across 12 states throughout the Mid-western and South-eastern regions of the US.
Rod Jones, PROACTIS' CEO, commented:
"We are delighted to have signed this deal which represented a milestone in the Company's US growth. We have a great solution which we believe can help Fifth Third realise its investment in a very short space of time. Our client focussed approach and our geographic reach means we can serve Fifth Third exceptionally well and I am looking forward to broadening the relationship in the fullness of time."
Enquiries:
PROACTIS Holdings PLC | |
Rod Jones, Chief Executive Officer Tim Sykes, Chief Financial Officer
| Via Redleaf Polhill
|
Redleaf Polhill | |
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 over 400 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.