Financial Objects reports £1 million activebank contract

Financial Objects reports £1 million activebank contract

UK banking technology vendor Financial Objects has won a £1 million contract with the Swedish National Debt Office, Riksgaldskontoret, for the supply and implementation of its activebank technology.

The contract was secured through Financial Objects' Swedish partner by way of a public EEC tender.

Under the terms of the agreement, Financial Objects will supply a modified version of the product while the vendor's local partner will deliver and implement the system.

Financial Objects says the contract is worth £540,000 with further support of the product being undertaken under a five-year maintenance agreement. The major part of the initial contract value is expected to fall to revenue during 2005.

The company's stock was up four per cent at 52 pence in mid-morning trading.

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