RCS - ActiveOps PLC - UK bank signs contract for CaseworkiQ

ActiveopsAnnouncement

07/09/2022 07:00

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RNS Number : 4865Y  ActiveOps PLC  07 September 2022

7 September

RNS Reach

ActiveOps Plc

("the Company" or "the Group")

UK bank signs contract for CaseworkiQ

Successful land and expand strategy accelerates footprint for newly launched
offering

ActiveOps plc (AIM: AOM), a leading provider of Management Process Automation
(MPA) software for running complex and global back-offices, is pleased to
announce the continued success of its recently-launched CaseworkiQ offering,
securing a contract worth approximately £0.6m in incremental Annual Recurring
Revenue (ARR) with a leading UK bank, within the organisation's financial
crime function. The contract underpins the current growth expectations for the
Group.

Launched in June 2022, CaseworkiQ is an innovative tool promoting smarter
management of capacity in regulated environments, processing complex
case-based workflows. These include Know Your Customer (KYC) and Anti-Money
Laundering ("AML") by banks, or complaints and claims processing for insurance
companies. Research by LexisNexis has found that the cost of compliance
continues to increase across all regions including the US and Europe, up 33%
and 21% respectively in 2021.  The research found that the pandemic had
increased the time consumed per case, and that those institutions who had
invested in financial crime technology experienced lower cost increases.
 Through the use of CaseworkiQ customers can optimise the performance of
their existing teams and ensure that Service Level Agreements ("SLAs")
continue to be met.

The UK high street bank has been an ActiveOps customer since 2016, deploying
ActiveOps' ControliQ to provide increased management control across its back
office operations. ActiveOps delivered significant performance improvements in
initial deployments, replacing an existing in house system. Subsequently,
usage of ControliQ expanded into multiple areas of the bank's operations
leading to ARR growth with the customer each year since FY17.

The bank has chosen to implement CaseworkiQ in order to successfully
safeguard  its stringent SLAs and ensure optimised performance from their
teams, in the face of a growing number of complex AML cases. Following a
successful initial roll-out, a new contract for CaseworkiQ has now been
agreed, providing £0.6m in incremental ARR, with implementation currently
ongoing.

ActiveOps CEO, Richard Jeffery commented:

"The launch of CaseworkiQ in June 2022 has allowed us to target high profile,
regulated use cases and, as expected, has proven to be highly applicable
across our existing customer base, with this contract demonstrating the scale
of the upsell opportunity.

"We are delighted to continue to support this leading UK bank, in delivering
excellence in their operations. Our CaseworkiQ pipeline for FY23 is strong and
we are thrilled to see demand for this offering gain pace."

For more information, please contact:

 ActiveOps                                                Via Alma PR
 Richard Jeffery, Chief Executive Officer                 www.activeops.com (http://www.activeops.com/)
 Patrick Deller, Chief Financial Officer

 Investec Bank plc                                        +44 (0)20 7597 5970
 Corporate Broking & PLC Advisory
 Patrick Robb / David Anderson

 Alma PR                                                  + 44(0) 203 405 0205
 Caroline Forde / Lily Soares Smith / Will Ellis Hancock

 

About ActiveOps

ActiveOps is a leader in Management Process Automation (MPA), providing a SaaS
platform to large enterprises with complex and often global back-offices. The
Group's software and embedded back-office operations management methodology
enables enterprises to adopt a data-driven, scientific approach to organising
work and managing capacity.

The Group's enterprise platform comprises its MPA software products
and AOM, the Group's operations methodology and framework for effective
back-office management. Together, this combination of software and embedded
methodology enables operations managers to balance the competing priorities of
meeting service and quality standards while improving productivity and
reducing cost.

As at 31 March 2022, the Group has 190 employees, serving its global customer
base of approximately 80 enterprise customers from offices in the UK, Ireland,
USA, Australia, India and South Africa. The Group's customers are
predominantly in the banking, insurance and business process outsourcing (BPO)
sectors, including Nationwide, TD Bank, Anthem Inc and DXC Technology.

 

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