Financial Objects rises on Siemens deal
17 February 2004 | 2899 views | 0
Shares in UK banking software vendor Financial Objects have continued to climb on the back of an activebank reseller agreement with Siemens Business Services Limited.
The contract with Siemens is an important step in the company's stated strategy of reviving slumping sales of the component-based activebank product by establishing a global reseller channel. Under the agreement, Siemens will use activebank as a "cornerstone technology" in systems delivery for both retail and wholesale European banking customers.
Roger Foster, Financial Objects' executive chairman, says: "We remain confident that a global seseller channel will prove to be a valuable revenue source for activebank."
Shares in the vendor have made further gains following a 27% jump yesterday when news of the Siemens' deal first broke. By mid-day Tuesday, the stock had risen a further 14.6% to 43 pence from an overnight close of 37.5 pence.