London-based software vendor AFA Systems has won a $750,000 contract to provide Musketeer, its treasury and risk management software product, to the Industrial Bank of Kuwait.
Under the terms of the contract, AFA Systems will receive a combination of an initial licence fee, implementation payments and recurring licence fees. It is anticipated that $500,000 will be taken as revenue in the current year.
AFA Systems says the deal represents the company's first win resulting from its recent distribution agreement with Middle East-based ITS.