REG - RegTech Open Project - Significant Agreement signed

REGTECH OPEN PROJECTAnnouncement

29/01/2024 07:00

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RNS Number : 1920B  RegTech Open Project PLC  29 January 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC LAW IN THE UNITED KINGDOM OF
GREAT BRITAIN AND NORTHERN IRELAND ("UK") PURSUANT TO THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").

 

29 January 2024

 

 

RegTech Open Project plc

 
("RTOP" or the "Company" and, together with its subsidiaries and subsidiary
undertakings from time to time, as the context requires, the "Group")

 

Significant Agreement signed with a leading Italian Cooperative Banking Group

 

RegTech Open Project plc (LSE: RTOP), the technology business specialised in
regtech that has developed the award-winning Orbit Open Platform, which helps
its customers to achieve Operational Resilience in an increasingly complex
regulatory landscape, today announces a significant £0.2m agreement (the
"Agreement"), representing more than 10% of the Company historical revenues,
with a leading Italian cooperative banking group.

 

The banking group, consisting of over 60 banks with more than 1,400 branches
across Italy and total assets in excess of €90bn, has been a client of RTOP
since 2018. The Agreement announced today replaces an existing software
licensing agreement with a Software-as-a-Service (SaaS) subscription and the
provision of professional services for a data-resilience project.

 

The Agreement value comprises a SaaS subscription for six months with an
option to extend for a further six months. The Agreement represents
approximately 400% increase in monthly recurring revenues, reflecting the
value of RTOP's solutions. The SaaS solution includes software licensing,
maintenance, support and cloud infrastructure hosting and provides an
effective Internal Control System for Internal Audit, Compliance, Operational
Risk, and Anti Money Laundering (AML).

 

The provision of professional services for a small one-off fee relates to a
data resilience project, designed to ensure robust business continuity and to
support the implementation of regulatory requirements relating to the
ownership and control of the banking group's own data.

 

The project demonstrates RTOP's commitment to providing cutting-edge
regulatory compliance and enhanced business continuity technology, services
and solutions for its clients, particularly in the case of extreme disruptive
events, or during significant reconfigurations of corporate systems.

 

Ian Halliday-Pegg, Chief Executive Officer of RTOP, said:

 

"This agreement represents another significant milestone in the delivery of
the Group's strategy. This deal not only demonstrates the industry leading
capabilities which RTOP offers its clients, but also highlights our ability to
develop and grow value-based relationships with high profile, systemic
European banking groups."

 

 

- Ends -

 

For the purposes of UK MAR, the person responsible for arranging release of
this announcement on behalf of RTOP is Ian Halliday-Pegg, Chief Executive
Officer.

 

Enquiries:

 

 RegTech Open Project plc

 Ian Halliday-Pegg, CEO              c/o Instinctif Partners

 Instinctif Partners (Financial PR)  regtech@instinctif.com (mailto:regtech@instinctif.com)

 Guy Scarborough                     +44 (0)79 1717 8920

 Bryn Woodward                       +44 (0)75 0002 7181

 

About RegTech Open Project plc

RTOP is a technology business specialised in regtech that has developed the
award-winning Orbit Open Platform, which helps its customers to achieve
Operational Resilience in an increasingly complex regulatory landscape. RTOP
supports customers in maintaining a secure and stable operating environment,
whilst improving compliance with applicable regulations and standards, and
reducing the risk of business disruption.

The Company's registered office is located at 9th Floor 107 Cheapside London
EC2V 6DN United Kingdom. The Company was admitted to trading on Main Market on
25 August 2023.

For further information please visit www.regtechopenproject.co.uk/

 

 

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