Financial Objects wins £2.9m activebank contract with UK building society

Source: Financial Objects

Financial Objects plc ('Financial Objects' or 'Company') announces that it has entered into a significant new contract to install its activebank software at one of the UK's leading building societies.

This is the first major contract to have been secured through the Company's recently announced partner program. The contract to develop and install the software up to completion is worth £1.6m to Financial Objects with a further £1.3m to support the product under a five-year maintenance agreement. The major part of the initial contract value is expected to fall to revenue during 2005. The development and test facilities at Financial Objects' overseas development centre in Bangalore will play a significant role in the software development project.

Commenting on the contract win, Roger Foster, Executive Chairman, said: "As the first major deal to come through our partnership channel, this announcement is a significant endorsement of our new partnership strategy. It underscores the rationale for this approach, enabling us to secure orders which historically would have been beyond our reach.

"We also see the deal as representing a broadening of our addressable market, being our first sale to a building society, and signals a return to growth for our activebank division."

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