15th Apr 2024 11:26
(Alliance News) - KRM22 PLC shares were up on Monday, after the company said that its latest contract had further consolidated its dominance of the future commission merchants market.
The London-based technology and software company aims to help capital markets companies reduce the cost and complexity of risk management through its range of services.
KRM22 shares were up 46% to 27.70 pence each in London on Monday morning.
This followed the signing of a three-year contract worth GBP600,000 with an unnamed "major [FCM] company" for the use of the company's Limits Manager product.
As a result of this latest deal, KRM22 said: "seven of the top 15 largest FCMs are now contracted to use the Limits Manager product, both direct with KRM22 and through the sales channel with Trading Technologies International Inc."
Chief Executive Officer Dan Carter said: "This contract win further demonstrates that the Limits Manager product has become a firmly established product within the FCM community. In addition, the growth in annual recurring revenue to GBP6.0 million is another milestone on our journey to create a GBP10.0 million ARR, cash generative and profitable business."
By Elijah Dale, Alliance News reporter
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