Significant Clareti Contract with Tier 1 Bank

RNS Number : 0937U

Gresham Technologies PLC

27 March 2019

 

RNS

27 March 2019

Gresham Technologies plc

Significant Clareti partner win to replace legacy technology at global Tier 1 bank

Gresham Technologies plc (LSE: "GHT", "Gresham" or the "Group"), the leading software and services company that specialises in providing real-time data integrity and control solutions, is pleased to announce a significant Clareti contract, won in partnership with a leading professional services company, Cognizant Technology Solutions (Nasdaq: CTSH), to transform the global reconciliation and data control operations of a Tier 1 bank.

A leading investment bank and wealth manager, identified as a Global Systemically Important Bank (G-SIB), has selected the Clareti platform as the key enabling technology for a complete, global reconciliations managed service to be delivered by one of Gresham's strategic alliance partners. The service will use Clareti Transaction Control (CTC) and Clareti Adapters and will replace processing currently carried out in-house via legacy vendor technology, as well as delivering a faster, more flexible and lower cost approach to addressing new data integrity and control use cases across the bank's global operations.

The total software fees chargeable under the contract are £5 million over the 5-year term, of which approximately £0.9 million is expected to be recognised in 2019.  The contract was signed on 31 December 2018 and became unconditional on 26 March 2019 following execution of the partner's related managed service agreement with the bank. A total of £3 million is payable in advance on account of the first three years of the contract, representing the minimum committed term.

With this win, Gresham is pleased to confirm that it has now secured both of the two strategic, high-value projects referred to in Gresham's announcement dated 4 January 2019; the other having been announced on 1 February 2019. These two contracts were profiled on a subscription basis, providing higher levels of revenue visibility and earnings quality for future years, and together add approximately £1.4 million to Group annualised recurring revenues.

Ian Manocha, CEO, commented:

"We're delighted to have won this project with Cognizant, our strategic partner, to deliver a flagship digital transformation programme for one of the world's largest banks.

The Clareti platform is the key enabling technology for this programme and was identified by our joint client as being the only modern, enterprise-class, offering available in the industry today."

Enquiries

Gresham Technologies plc	[phone]
Ian Manocha
Tom Mullan
N+1 Singer (Joint Broker)	[phone]
Shaun Dobson / Lauren Kettle (Corporate Finance)
Tom Salvesen (Corporate Broking)
Cantor Fitzgerald Europe (Joint Broker)	[phone]
Philip Davies
Richard Salmond

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 data integrity and control solutions. 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, all of whom are served locally from offices located in Europe, North America and Asia Pacific.

Gresham's award-winning Clareti software platform has been designed to provide financial institutions with complete certainty in their data processing. Clareti is a highly flexible and fully scalable platform for ensuring the integrity of data across an enterprise. It is designed to address today's most challenging financial control, risk management, data governance and regulatory compliance problems.

 

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