Software company Gresham Technologies said Friday it had signed a 'significant ' contract, worth £2.3m, with a global Tier 1 bank.
The financial institution, identified as a Global Systemically Important Bank, selected Gresham Technologies to replace its legacy vendor solution for its global cash and securities processing operations.
'This legacy vendor replacement project builds on a very successful partnership we have had with this key customer since 2013 and is a visible sign of the structural change happening in the reconciliations software market,' the company said.
The total software fees chargeable under the contract are in excess of CHF 3m or £2.3m over the 5-year term, which is expected to contribute CHF 1.1m, or £0.8m to 2019 revenues and add CHF 0.5m, or £0.4m to the company's annualised recurring revenue.
The bank was Gresham's first major Clareti Transaction Control (CTC) customers, having first purchased a CTC licence for intersystem reconciliations and controls in 2013, the company said.
At 8:33am: (LON:GHT) Gresham Technologies PLC share price was +5p at 94p