23rd Dec 2019 12:23
(Alliance News) - Software services firm Gresham Technologies PLC on Monday said annual earnings look set to come in ahead of expectations following a contract win for its Clareti platform.
The Clareti platform delivers data integrity services for capital markets firms.
Gresham Technologies said an unnamed alternative investment management firm signed a contract for an enterprise deployment of Clareti worth USD1 million over three years. The client has operations across the US, Europe and Asia and will use Clareti to replace its existing "aging" software, Gresham said.
Following the contract win, the company now expects adjusted earnings before interest tax depreciation and amortisation to be materially higher than current consensus forecasts.
The company reported adjusted EBITDA of GBP5.1 million in financial 2018.
Additionally, Gresham Tech's cash performance is expected to be ahead of expectations, it said.
Chief Executive Officer Ian Manocha said: "This contract win is another powerful customer endorsement of our Clareti technology and highlights the potential for our data integrity and control solutions to displace legacy vendors and establish a leadership position in capital markets.
"As we close out a strong 2019, we are preparing ourselves for 2020 and will continue to invest in sales, marketing and customer success to capitalise on the opportunity ahead."
Shares in the London-based firm were up 14% at 121.30 pence in London on Monday.
By Arvind Bhunjun; [email protected]
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