By Joe Hoppe
Gresham Technologies PLC announced on Friday that it had signed a subscription agreement with an existing customer, a tier-one bank, for 6.3 million pounds ($7.8 million).
The software and services company said the undisclosed bank had opted to use its Clareti Control software as the single enterprise control platform for all UK operations, after first signing a contract to use it in June 2020.
The new contract significantly upgrades and extends existing software subscription commitments for a minimum of approximately five years. The contract value of £6.3m includes a planned additional new subscription of £3.5m over the term.
Alongside the software subscription agreement, a services agreement will also be signed which is expected to generate £1.3m over the next 12 months.
Winning the contract also boosts confidence in delivering market expectations for 2022, the company says, providing a consensus market forecast for the year of £42.0m revenue and £9.2m pounds of adjusted earnings before interest, tax, depreciation and amortization.
Shares at 0722 GMT rose 2.5 pence, or 1.5%, to 166.0 pence.
Write to Joe Hoppe at [email protected]