Significant Contract Win

RNS Number : 7150K

Gresham Computing PLC

20 July 2011

 



20 July 2011

Gresham Computing plc
("Gresham" or "the Company")
Significant Contract Win

Gresham Computing plc, the specialist provider of software based solutions that enable customers to achieve real-time financial certainty in transaction and cash management, is pleased to announce the following significant contract win.

Gresham has signed a significant contract with a major new bank customer to provide an integrated transaction and cash management solution that the bank will sell as a service to its corporate customers.  This contract builds on our existing and extensive experience of deploying integrated virtual bank account solutions.

The contract has a minimum term of 5 years, with associated revenues of approximately £3m accruing over that term comprising license, maintenance and professional services components.  In addition, we expect to earn SaaS revenues based on the uptake of the solution by the bank's customers; revenues which we expect to start building during 2012. 

As a result, we expect 2011 trading to be slightly ahead of the recently revised market expectations as we balance new revenues from this contract with the investment required to initiate the solution.  Revenue visibility for future years has also been improved as a result of this contract.

Chris Errington, CEO of Gresham, commented:

"Gresham has won this contract as a result of our extensive experience of providing this type of integrated solution and I am pleased to now add a major new bank to our customer list."

- Ends -

For further information please contact:

Gresham Computing plc Chris Errington, CEO Ken Archer, Chairman Rob Grubb, CFO	[phone]
Singer Capital Markets Ltd Shaun Dobson, Partner and Joint Head of Corporate Finance James Maxwell, Director of Corporate Finance	[phone]

 

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