Client Commission a Technology Development Project

RNS Number : 0582F

Ten Lifestyle Group PLC

17 March 2022

 

17 March 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Client Commissions a Technology Development Project

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent, is pleased to announce it has been awarded a significant commission from an existing major global financial services client to develop and enhance Ten's proprietary digital platform used by the client's valued customers.

In this addition to the existing contract, Ten will be paid to develop new features that are expected to increase customer engagement, the number of active users and related revenues. These include the integration of the client's own assets into the existing asset-rich digital platform environment to enhance the overall proposition to the customer base. 

The fee for this project is expected to grow the existing Extra Large¹ contract by the equivalent of a Medium contract over the next 12 months and may be renewed over the following years.

This addition to the existing contract is incorporated within the Group's existing growth plan.

¹  Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.

Alex Cheatle, CEO of Ten Lifestyle Group, said;

"Ten's member-facing digital platform is now live with 27 brands, over 100 countries, in 17 languages and has become a powerful tool for our corporate clients to increase customer acquisition, retention and engagement. 

This paid-for project is a powerful example of how our corporate clients can be willing to invest into our technology platform to help their customer metrics and it signifies another vote of confidence in our technology and helps confirm Ten as a trusted technology partner" .

For further information, please visit https://www.tenlifestylegroup.com/ or contact:

Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	[phone]
Peel Hunt LLP, Nominated Advisor and Broker Edward Knight Paul Gillam James Smith	[phone]

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc  is a leading technology-enabled, global concierge platform, helping wealthy and mass affluent individuals and their families to discover, organise, and enjoy dining, live entertainment, travel and premium retail (and other relevant services) with better results and more quickly than they could themselves.

Underpinned by industry-first technology, Ten provides its trusted concierge services to millions of members, in over 15 languages, 24/7, 365 days a year, wherever they are in the world. Founded in 1998, the business listed on the AIM market of the London Stock Exchange in November 2017 (AIM: TENG).

The growth engine at the heart of Ten's business model is the driving force behind its progress towards its objective to become the most trusted service platform in the world.

 For further information please go to: www.tenlifestylegroup.com.

 

END

 

 

CNTEAFDKFAKAEAA