Geac inks $350K software and services contract
Geac (TSX:GAC, NASDAQ:GEAC) today announced it has won a contract for software and services valued at approximately US$350,000 from a major U.S. financial services institution involved in home mortgage lending.
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The organization purchased Geac MPC performance management software, which it plans to deploy by the end of the year.
The sale marks Geac's latest success extending its position in the financial services industry, one of two vertical sectors that the company is targeting with industry-specific campaigns to capitalize on its collective expertise and established customer base and partnerships. Geac's other significant initiative is aimed at the Government sector.
"This win demonstrates that Geac's financial services industry campaign continues to gain traction," Charles S. Jones, Geac's president and CEO, said. We believe that Geac has a significant opportunity to build business with financial services and government institutions, given our robust product offerings and long history serving the information technology needs of such enterprises. Even with this notable recent success, we have found it challenging in closing the new business pipeline, as the market is intensely competitive; the first quarter continues to be our most challenging, even with our increased spending on selling and marketing."