£6.3m Clareti software contract with Tier 1 bank

RNS Number : 5255K

Gresham Technologies PLC

06 May 2022

 

6 May 2022

Gresham Technologies plc

Significant £6.3m Clareti software contract win with Tier 1 bank

Gresham Technologies plc (LSE: "GHT", "Gresham", "Group", "Company"), the leading software and services company that specialises in providing solutions for data integrity and control, banking integration, payments and cash management, is pleased to announce a significant subscription agreement win for Clareti software with an existing Tier 1 bank customer for £6.3m.

In June 2020, one of the world's largest commercial and retail banks signed a contract for the first deployment of Clareti Control within its UK operations. As a result of the success of the initial project, the bank has chosen to adopt the technology as its single enterprise control platform across the entire UK business including retail accounts, cards, payments and commercial banking. The platform will be used to deploy a range of new controls, as well as replace existing manual processes and legacy vendor solutions.

The contract signed on 5 May 2022 extends and significantly upgrades existing software subscription commitments for a minimum period of approximately five years. The total contract value is £6.3m including an expected £3.5m of new incremental subscriptions over the term. The agreement immediately increases the Company's forward looking ARR by £0.5m with a further £0.3m of ARR expected as the project progresses. In addition to the subscription software contract, a services contract will also be signed, which is expected to generate £1.3m of services over the next 12 months. This significant contract win further demonstrates our ability to grow with our customers over time and provides increased confidence with regards to the attainment of FY22 market expectations. *

Ian Manocha, CEO commented,

"Once again Clareti Control has proved its ability to automate those 'hard to shift' manual control processes that plague much of the banking sector. We are delighted to be extending our partnership with this flagship customer to bring the benefits of digital transformation and improved control to their business operations. This win is a clear endorsement of our unique technology offering as we continue to consolidate our leading market position."

*The Company believes that current market expectations for the year ended 31 December 2022 are revenues of £42.0 million and adjusted EBITDA of £9.2 million.

Enquiries

Gresham Technologies plc	[phone]
Ian Manocha
Tom Mullan
Singer Capital Markets (Financial Adviser and Broker)	[phone]
Shaun Dobson / Tom Salvesen / Jen Boorer
Alma PR	[phone]
Josh Royston / Hilary Buchanan / Hannah Campbell

Inside information

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").  Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Note to editors

Gresham Technologies plc is a leading software and services company that specialises in providing real-time solutions for data integrity and control, banking integration, payments and cash management. Listed on the main market of the London Stock Exchange (GHT.L) and headquartered in the City of London, its customers include some of the world's largest financial institutions and corporates, all of whom are served locally from offices located in the UK, Europe, North America and Asia Pacific.

Gresham's award-winning Clareti software platform is a highly flexible and scalable platform, available on-site or in the cloud, designed to address today's most challenging financial control, risk management, data governance and regulatory compliance problems. Learn more at www.greshamtech.com.

 

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