iE bank win lifts disappointing second half

iE bank win lifts disappointing second half

In a boost to an otherwise disappointing second-half performance, Intelligent Environments Group (iE) says it has signed a "significant" contract with an undisclosed UK bank for its NetFinance platform.

The contract includes a software licence for iE's NetFinance, software maintenance and implementation services and is for the provision of an e-business platform, which enables the bank's customers to apply for products and manage their accounts online, the company says.

The overall value of the contract will represent over 10% of the company's expected revenues for the financial year ending 31 December 2000. The company expects to invoice half the contract value in the current financial year.

Intelligent Environments recently warned the market that its results for the second half of the year would be below expectations. Turnover in the second half, including the recent contract win, is expected to be £4 million, an increase of £1 million over the correspondong period, but down on expectations.

The company attributes the disappointing results to lengthy decision-making at banks, slowing the pipeline for contract signings, and weaknesses in its US operations.

Expenditure on market development in the US has been cut back and sales and marketing resource is being focused on indirect selling through established partners. iE says it has reduced the US headcount by over 25% since June, and its key objective is now focused on the support of existing partners.

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