1st Feb 2019 10:37
LONDON (Alliance News) - Gresham Technologies PLC on Friday said it has signed a contract with an undisclosed investment bank to replace old technology.
Gresham shares were trading 6.7% higher on Friday at 95.00 pence each.
The enterprise software company said this bank was one of its first major Clareti transaction control customers, having first purchased a licence for inter-system reconciliation and controls in 2013.
Following a search of the market, the institution has chosen Gresham's Clareti platform to replace a an old technology for its global cash and securities processing operations.
The total software fees chargeable under the contract are in excess of CHF3 million, about GBP2.3 million, over the five-year term, Gresham said. This is in addition to the customer's existing Clareti commitments.
"This legacy vendor replacement project builds on a very successful partnership we have had with this key customer since 2013 and is a visible sign of the structural change happening in the reconciliation software market," said Chief Executive Ian Manocha.
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