REG - Gresham Technologies - USD 1.9m new customer win in investment management

Gresham TechnologiesAnnouncement

19/12/2022 07:00

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RNS Number : 0790K  Gresham Technologies PLC  19 December 2022

RNS

19 December 2022

Gresham Technologies plc

Strategic USD 1.9m contract win with Tier 1 global asset manager

Gresham Technologies plc (LSE: "GHT", "Gresham", "Group", "Company"), the
leading software and services company that specialises in providing solutions
for data integrity and control, banking integration, payments and cash
management, is pleased to announce a new key customer win in the investment
management industry.

On 17 December 2022, one of world's largest asset managers signed a contract
for Control and Data Services in the cloud to replace a legacy reconciliation
product and to streamline its data aggregation processes. The US-based firm,
consistently ranked in the top five global asset managers by AUM, will partner
with Gresham to consolidate all market-facing reconciliations and data
controls for their institutional investment management business onto a modern
cloud platform.

The initial contract has a three-year term with total subscription fees of USD
1.5m and additional fees for professional services. Initial forward looking
ARR is USD 0.1m, rising to USD 0.5m in the second quarter of FY23 upon
delivery of certain contractual obligations.

Ian Manocha, CEO commented

"We are delighted to be welcoming a new key customer in the investment
management industry. For our initial project we are partnering to replace a
legacy transaction lifecycle management solution and a third-party data
collection service with an end-to-end solution delivered in the cloud. Our
goal is to improve the management of risk, lower operating costs, and provide
a more agile digital platform for the future.

The combination of Clareti Control and the Data offering acquired through
Electra provided clear competitive differentiation and our deep industry
skills, flexible service offerings, and proven experience partnering with the
world's largest financial institutions were all important factors in the
decision to select Gresham."

 

Enquiries

 Gresham Technologies plc                               +44 (0) 207 653 0200
 Ian Manocha
 Tom Mullan

 Singer Capital Markets (Financial Adviser and Broker)  +44 (0) 207 496 3000
 Shaun Dobson / Tom Salvesen / Jen Boorer

 Alma PR                                                +44 (0) 203 405 0205
 Josh Royston / Hilary Buchanan / Hannah Campbell

 

Inside information

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 ("MAR").  Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

Note to editors

Gresham Technologies plc is a leading software and services company that
specialises in providing real-time solutions for data integrity and control,
banking integration, payments and cash management. Listed on the main market
of the London Stock Exchange (GHT.L) and headquartered in the City of London,
its customers include some of the world's largest financial institutions and
corporates, all of whom are served locally from offices located in the UK,
Europe, North America and Asia Pacific.

Gresham's award-winning Clareti software platform is a highly flexible and
scalable platform, available on-site or in the cloud, designed to address
today's most challenging financial control, risk management, data governance
and regulatory compliance problems. Learn more at www.greshamtech.com.

 

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