Customer relationship management software vendor AIT has clinched an OEM deal with a 'multi-billion dollar' financial services software partner, advancing plans to cut overheads and move to an indirect sales model.
Sketchy details of the deal were previewed in a trading update for the year ended 31 March 2005. AIT says the deal will see its Application Platform Suite pushed to major retail banking customers worldwide.
Both parties will further collaborate to develop a range of new products, which will be marketed under the OEM's brand and AIT will be paid a royalty on all future sales. A "small number of AIT staff" will transfer to assist with international sales and marketing activities.
AIT's CEO, Nick Randall, comments: "This marks a major step in the evolution of our business and is a great endorsement of the product and the people behind it. Following this success, we will be seeking to explore new vertical markets through similar and complementary partnerships."
He says that partner deals struck over the past year will enable the company to maintain profitability in line with market expectations, although revenues for the year ended 31 March 2005 will be lower than planned.
Shares in the vendor jumped almost ten per cent on the news to 35 pence from an overnight close of 32 pence, but remain some way off the year high of 75 pence.