Significant Cloud Contract Win

RNS Number : 7106R

Eckoh PLC

09 November 2021

 

9th November, 2021

Eckoh plc

("Eckoh", or "the Company", or "the Group")

Significant Cloud Contract Win

- Largest ever global Secure Payments Cloud contract win

- Strong demand from leading, global brands for Eckoh's patented technology

- Minimum $1.5m value for three years; total value likely to be higher

Eckoh (AIM:ECK), the global provider of secure payment products and customer contact solutions, announces it has won a significant contract with a leading global food and drink company. The Company will provide Secure Payments services from its Cloud platforms to the new client's global contact centre operations.

The three-year contract, won following a successful competitive tender process, is worth a minimum of $1.5m in total and comes with the expectation that this will be exceeded, and that over time Eckoh has the opportunity to significantly upscale the value of the relationship. The solution will be first deployed in the US before being rolled out to as many as 28 further countries over the contract term. This contract will help support the forecast growth in the next financial year and beyond.

This is Eckoh's largest ever contract win for a Cloud solution delivered into multiple territories. We expect to see more global procurement contracts like this for Cloud delivery, as major enterprises seek to uphold rigorous security standards consistently across all of their regions.

Eckoh's payments solution, CallGuard, will be delivered using our patented tokenisation process and integrated directly with the client's payment service provider. Eckoh is unique in its ability to deploy a solution that fits around the client's existing processes, tools and environments, rather than needing the client to adapt to accommodate the solution. The contact centre agents will use Eckoh's new CallGuard Agent Control Panel to take the caller through the payment process, the panel provides intelligent assistance to the agent in their local language to ensure the process is as frictionless as possible, thereby reducing call handling time and improving customer satisfaction.

As previously highlighted, the Company continues to invest in its global Cloud platforms to capitalise on the growing market opportunity identified. This contract win underlines Eckoh's strategic vision and technical expertise in developing a market leading solution which will leverage that additional capability. The solution is expected to go live early in the next financial year and in line with other Cloud contracts will deliver higher levels of recurring revenue and margin.

Nik Philpot, Chief Executive Officer at Eckoh, commented:

"We're delighted to have been chosen to provide a critical security solution to such a well-known brand, securing our largest ever global Cloud Secure Payments win.  Our success reflects three key factors.  First, our expertise in delivering successful enterprise-level deployments across multiple geographies in the Cloud. Second, the reassurance we offer clients as a growing and profitable listed company, with a strong balance sheet.  And thirdly, that Eckoh offers proven patented solutions.

We expect our ongoing investment in Cloud platforms, and continued innovation in our security offering, will maintain Eckoh's position as market leader in the fast-growing data and payments security market for the customer engagement industry." 

For further information please contact:

Eckoh plc Nik Philpot, Chief Executive Officer Chrissie Herbert, Chief Financial Officer www.eckoh.com	Tel: [phone]
FTI Consulting LLP Ed Bridges / Jamie Ricketts / Tom Blundell [e-mail]	Tel: [phone]
Singer Capital Markets (Nomad & Joint Broker) Shaun Dobson / Tom Salvesen / Alex Bond / Kailey Aliyar www.singercm.com	Tel: [phone]
Canaccord Genuity Limited (Joint Broker) Simon Bridges / Andrew Potts www.canaccordgenuity.com	Tel: [phone]

About Eckoh plc

Eckoh is a global provider of Secure Payment products and Customer Contact solutions, supporting an international client base from its offices in the UK and US.

Our Secure Payments products help our clients take payments securely from their customers through all engagement channels. The products, which include the patented CallGuard and ChatGuard, can be hosted in the Cloud or deployed on the client's site and remove sensitive personal and payment data from contact centres and IT environments. They offer merchants a simple and effective way to reduce the risk of fraud, secure sensitive data and become compliant with the Payment Card Industry Data Security Standards ("PCI DSS") and wider data security regulations. Eckoh has been a PCI DSS Level One Accredited Service Provider since 2010, securing over £5 billion in payments annually.

Eckoh's Customer Contact solutions enable enquiries and transactions to be performed on whatever device the customer chooses, allowing organisations to increase efficiency, lower operational costs and provide a true Omnichannel experience. We also assist organisations in transforming the way that they engage with their customers by providing support and transition services as they implement our innovative customer contact solutions.

Our large portfolio of clients come from a broad range of vertical markets and includes government departments, telecoms providers, retailers, utility providers and financial services organisations.

For more information go to www.eckoh.com or email [e-mail].

 

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