Software AG reports biggest ever contract

Software AG reports biggest ever contract

Germany's Software AG has inked a contract worth EUR63.7 million with Banco do Brasil - the biggest in the vendor's history.

The four and a half year deal with Brazil's biggest bank covers licensing and maintenance.

The vendor will book around EUR13.9 million of the contract this financial year.

Software AG says it established a direct business relationship with Banco do Brasil in 2008 following the conclusion of its exclusive distribution contract with a local partner at the end of 2007.

With the closing of this and other Brazilian contracts, the vendor says it will hit a full year forecast for the country of EUR30 million.

The German firm predicts global revenue growth of between 24% and 27% in 2008 "despite the weakening economic situation in the major industrialised countries".

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