Gresham reports £3 million contract win

Source: Gresham

Gresham Computing plc, the specialist provider of software based solutions that enable customers to achieve real-time financial certainty in transaction and cash management, is pleased to announce the following significant contract win.

Gresham has signed a significant contract with a major new bank customer to provide an integrated transaction and cash management solution that the bank will sell as a service to its corporate customers. This contract builds on our existing and extensive experience of deploying integrated virtual bank account solutions.

The contract has a minimum term of 5 years, with associated revenues of approximately £3m accruing over that term comprising license, maintenance and professional services components. In addition, we expect to earn SaaS revenues based on the uptake of the solution by the bank's customers; revenues which we expect to start building during 2012.

As a result, we expect 2011 trading to be slightly ahead of the recently revised market expectations as we balance new revenues from this contract with the investment required to initiate the solution. Revenue visibility for future years has also been improved as a result of this contract.

Chris Errington, CEO of Gresham, commented:

"Gresham has won this contract as a result of our extensive experience of providing this type of integrated solution and I am pleased to now add a major new bank to our customer list."

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