2nd May 2019 11:48
LONDON (Alliance News) - Gresham Technologies PLC on Thursday said two large contracts carried over from 2018 were closed in the first quarter of 2019, with professional services contracts related to the projects signed.
Shares in Gresham Technologies were up 14% at 108.00 pence in trading before noon.
The software and services company's main offering is the Clareti platform, which helps financial institutions with data processing. The two contracts with "tier 1 global banks", carried over from 2018, were closed in the three months to March 31.
Together, the two contracts represent more than GBP7 million in new Clareti revenue over their terms and add GBP1.4 million annually to recurring revenue.
Professional services contracts relating to the two projects have also been signed and are initially due to generate over GBP500,000 in Clareti services revenue. These contracts could be extended as the projects progress.
Thus far in 2019, three more new Clarity customers have been signed, including one contract for Clareti Multi-Bank and two for Clareti Transaction Control.
An update is expected at Gresham Technologies' interim results in July.
Related Shares:
GHT.L