Fundtech boasts tier one contract win; provides 2010 guidance for top-end revenue at $135

Source: Fundtech

Fundtech Ltd. (Nasdaq:FNDT), a market leader in global transaction banking solutions, today announced that a top 20 global Bank has extended its Fundtech relationship by signing a strategic contract for a multi-year roll out its Global PAYplus(TM) payments solution. This implementation of Global PAYplus will initially focus on two operating regions and ultimately support global payment operations.

Global PAYplus is a rule-based and highly scalable payments platform which supports multiple payment types across domestic and international payment operations allowing consolidation, while at the same time, significantly improving straight through processing (STP). Available Global PAYplus components include: high value payments, mass payments, SEPA, liquidity management, UK faster payments, customer payments hub, and STP Accelerator.

Today Fundtech also announced its 2010 guidance:

For 2010 Fundtech expects revenues of between $132.0 million and $135.0 million, GAAP earnings per diluted share of between $0.32 and $0.42 and non-GAAP earnings per diluted share, before all amortization expenses and stock-based compensation expenses, of between $0.63 and $0.73.

Fundtech estimates that financial income for 2010 will be approximately $200,000 and that tax expenses, excluding deferred taxes will be approximately $1.5 million.

Fundtech estimates that 2010 amortization expenses will be approximately $2.0 million and that stock-based compensation expenses will be approximately $3.0 million. Fundtech estimates that the number of shares used for the calculation of 2010 earnings per share will be 16.2 million shares.

Fundtech's guidance does not include the impact of deferred taxes and also does not include the impact of any future impairment of intangible assets.

Fundtech is not updating its guidance for the fourth quarter of 2009. Our latest guidance indicated that 2009 revenues will range from $116.4 million to $117.4 million.

"We are proud that this global bank client has expanded its deployment of Global PAYplus, the market-leading payment solution, to support their payments utility. Global PAYplus has been proven under the most stringent 24 x 7 operating conditions and meets the throughput and reliability targets of major banks in all regions of the globe," said Fundtech CEO Reuven BenMenachem. "As you can see from our guidance, we expect double digit organic growth in 2010 as our large bank customers return to normal operating and budgetary levels. We believe that our competitive advantage in the large payment systems market will enable us to show good growth in 2010 and beyond."

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