UK bank signs contract for CaseworkiQ

RNS Number : 4865Y

ActiveOps PLC

07 September 2022

 

7 September

RNS Reach

ActiveOps Plc

("the Company" or "the Group")

UK bank signs contract for CaseworkiQ

Successful land and expand strategy accelerates footprint for newly launched offering

ActiveOps plc (AIM: AOM), a leading provider of Management Process Automation (MPA) software for running complex and global back-offices, is pleased to announce the continued success of its recently-launched CaseworkiQ offering, securing a contract worth approximately £0.6m in incremental Annual Recurring Revenue (ARR) with a leading UK bank, within the organisation's financial crime function. The contract underpins the current growth expectations for the Group.

Launched in June 2022, CaseworkiQ is an innovative tool promoting smarter management of capacity in regulated environments, processing complex case-based workflows. These include Know Your Customer (KYC) and Anti-Money Laundering ("AML") by banks, or complaints and claims processing for insurance companies. Research by LexisNexis has found that the cost of compliance continues to increase across all regions including the US and Europe, up 33% and 21% respectively in 2021.  The research found that the pandemic had increased the time consumed per case, and that those institutions who had invested in financial crime technology experienced lower cost increases.  Through the use of CaseworkiQ customers can optimise the performance of their existing teams and ensure that Service Level Agreements ("SLAs") continue to be met.

The UK high street bank has been an ActiveOps customer since 2016, deploying ActiveOps' ControliQ to provide increased management control across its back office operations. ActiveOps delivered significant performance improvements in initial deployments, replacing an existing in house system. Subsequently, usage of ControliQ expanded into multiple areas of the bank's operations leading to ARR growth with the customer each year since FY17.

The bank has chosen to implement CaseworkiQ in order to successfully safeguard  its stringent SLAs and ensure optimised performance from their teams, in the face of a growing number of complex AML cases. Following a successful initial roll-out, a new contract for CaseworkiQ has now been agreed, providing £0.6m in incremental ARR, with implementation currently ongoing. 

ActiveOps CEO, Richard Jeffery commented:

"The launch of CaseworkiQ in June 2022 has allowed us to target high profile, regulated use cases and, as expected, has proven to be highly applicable across our existing customer base, with this contract demonstrating the scale of the upsell opportunity.

"We are delighted to continue to support this leading UK bank, in delivering excellence in their operations. Our CaseworkiQ pipeline for FY23 is strong and we are thrilled to see demand for this offering gain pace."

For more information, please contact:

ActiveOps	Via Alma PR
Richard Jeffery, Chief Executive Officer	www.activeops.com
Patrick Deller, Chief Financial Officer
Investec Bank plc	[phone]
Corporate Broking & PLC Advisory
Patrick Robb / David Anderson
Alma PR	+ 44(0) 203 405 0205
Caroline Forde / Lily Soares Smith / Will Ellis Hancock

About ActiveOps

ActiveOps is a leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices. The Group's software and embedded back-office operations management methodology enables enterprises to adopt a data-driven, scientific approach to organising work and managing capacity.

The Group's enterprise platform comprises its MPA software products and AOM, the Group's operations methodology and framework for effective back-office management. Together, this combination of software and embedded methodology enables operations managers to balance the competing priorities of meeting service and quality standards while improving productivity and reducing cost.

As at 31 March 2022, the Group has 190 employees, serving its global customer base of approximately 80 enterprise customers from offices in the UK, Ireland, USA, Australia, India and South Africa. The Group's customers are predominantly in the banking, insurance and business process outsourcing (BPO) sectors, including Nationwide, TD Bank, Anthem Inc and DXC Technology.

 

END

 

 

NRALFMITMTBMBMT