Trading Update and Product Update

RNS Number : 0603H

Eckoh PLC

04 April 2022

 

4 April 2022

Eckoh plc

("Eckoh" or the "Group")

Trading Update and Product Update

Integration of Syntec progressing well and trading in line for FY22

New multi-Cloud platform launched with Fortune 100 retailer

Significant product enhancements to customer engagement security suite

Trading update

Eckoh, the global provider of customer engagement security solutions, is pleased to announce that the integration of Syntec, the payments solutions provider acquired for £31m in December 2021, is progressing well. Syntec's contribution to revenue and profits in the three months since acquisition are expected to be consistent with management's projections at the time of the transaction, and the initial steps towards realisation of market, product portfolio and cost synergies are proceeding on plan.

The Group expects results for the year ended 31 March 2022 to be in line with consensus market expectations* and will provide more detail in its pre-close trading update in early May 2022. 

* Eckoh believes that consensus market expectations for the year ending 31 March 2022 are currently revenue of £32.1 million and Adjusted Operating profit of £4.9 million.

Product update

Eckoh has started the new financial year by announcing significant enhancements to its customer engagement security portfolio to assist organisations in protecting their customers' payment and personal data in more efficient and diverse ways.

· Launch of a new Azure Cloud platform with a Fortune 100 client

· Updated Eckoh Live Chat and ChatGuard boasts a new, fresh and more intuitive interface

· The market leading CallGuard product has two exciting new extensions for very distinct needs

· Digital payment product Pay by Link is now available globally

· Speech recognition language models for payments extended significantly with new contract

These developments support Eckoh's strategic goals to capitalise on the structural developments in the global market and to use Cloud technologies to develop and enhance our proprietary solutions whilst maintaining a market leading position for customer engagement data and payment security.

Cloud Platform extended into Azure

As announced in our full year results in June 2021 we have been investing in extending our Cloud platforms and security capabilities. To date we have deployed our global Cloud solutions exclusively on Amazon Web Services ("AWS"), however, it has always been our intention not to be single threaded. To that end we have just launched a new platform in Microsoft Azure that will enable us to provide the same customer engagement security portfolio as we do in AWS, thereby giving our customers a choice of Cloud provider, which is a sensitive decision for many enterprises. This new offering will see Eckoh as the only provider in our sector to have multiple Cloud options.

Our first customer to be deployed on the new Azure platform is a US headquartered retailer in the Fortune 100 who are expected to go live in the coming weeks. This is a new 3-year contract that is also expected to extend into other geographies and other Eckoh security propositions during this year.

Live Chat and ChatGuard

Eckoh's Live Chat product is used by large enterprises that need the most versatile customisations and integrations that off-the-shelf Chat products cannot provide, with the ability to scale to support the largest and most demanding requirements.

With a new redesigned interface based on extensive client feedback, agents and customers can now enjoy an even slicker and more convenient experience that is fully Cloud-hosted, allowing for sudden and significant fluctuations in demand. And with Eckoh's unique and patented product ChatGuard built-in as standard, organisations can take fast in-chat payments with the reassurance of full PCI DSS compliance, the only chat service to offer this capability. This updated version of the product is available from April globally and is expected to add significant value to the consumer proposition.

CallGuard Express 

CallGuard Express is designed to make compliance and security straightforward for any business. It offers companies of any size the same security functionality and credentials of CallGuard, but without the customisation and managed service that larger companies often require. This enables Express to be quick to deploy, simple to use and with a lower-cost entry point. As well as standalone businesses this new proposition is also available to resellers through a partner program, enabling them to switch on new clients within days and with no integration required.

CallGuard On-Demand 

In response to the increasingly rigorous Payment Card Industry Data Security Standards ("PCI DSS"), Eckoh has developed an on-demand option for organisations who may have low or variable volumes of payments, but still require the reassurance of full compliance. This enhancement gives the contact centre agent the ability to invoke CallGuard only when a payment is taken, rather than all calls needing to traverse through the system. 

Pay by Link

Blending digital security with live person interaction, Eckoh's Pay by Link can be extended to any customer engagement channel. Organisations that want an omnichannel method of taking payments can now provide their customers with a secure payment link that offers traditional card payment or popular alternative payment methods like PayPal, ApplePay or GooglePay. Pay by Link is now available globally through Eckoh's multi-Cloud platforms, the latest addition to the broadening security product range that is facilitating greater opportunities for cross-selling into Eckoh's extensive client base.

Speech technology expansion

Eckoh has a long and successful history of speech-based applications and is leveraging that knowledge with enabling even more languages for the speech option in our security solutions. A new 5-year contract, which was a significant cross-sell into a Syntec account, will see 18 different languages being implemented across the global estate of an international travel business.

Nik Philpot, Chief Executive Officer at Eckoh, said: 

"I am pleased to announce that Eckoh expects results to be in line with consensus market expectations and we are making good progress with integrating Syntec, our transformational Secure Payments acquisition. 

Eckoh is always looking for new ways to make the payment experience for customers and contact centres quicker and more satisfying, but without compromising security. At a time when card-not-present payment fraud is accelerating and many agents are now permanently working from home, tighter security is necessary for any business that needs its agents to take payments without risk.

Our long history of working alongside leading organisations from different industries has taught us that one size does not always fit all, and our decision to deploy and offer an alternative Cloud platform is a perfect example of that flexibility. We have succeeded in producing market-leading payment security products that are flexible, easy to use, adaptable across any customer contact channel, and compliant with the highest security standards. Our latest enhancements and additions provide organisations with even more comprehensive options, and ensure that Eckoh's portfolio remains best in class."

ENDS

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 customer engagement security 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 multiple channels. The products, which include the patented CallGuard, 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 $5bn 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.

 

END

 

 

TSTBKNBKCBKDNQK