Alfa Financial Software Hldgs PLC Contract (6325G)

TIDMALFA

RNS Number : 6325G

Alfa Financial Software Hldgs PLC

18 March 2020

18 March 2020

Alfa Financial Software Holdings PLC

New contract win

Alfa Financial Software Holdings PLC ("Alfa" or the "Company"), the leading developer of mission-critical software for the asset finance industry, is pleased to announce a new contract win with a major South African bank.

We expect this new contract to rank in the upper tier, by monetary value, relative to other Alfa implementations. The agreement includes consultancy services to support a multi-phase implementation and a multiple-year Alfa cloud-hosting arrangement.

Alfa started working with the bank in April 2019. Revenue for the work carried out in the initial design phase was recognised within the Company's Ongoing Development and Services revenue segment. The subsequent implementation work, which started in October 2019, will be recognised within the Implementation revenue segment of the 2019 full year results.

Revenues from the continuing implementation programme provide a further underpin to the Company's expectations for 2020 and beyond .

Andrew Denton, Chief Executive Officer of Alfa said:

"We are proud to be able to announce this new contract to implement Alfa Systems with one of the leading banks in South Africa, as part of its transformational IT programme. This partnership underlines Alfa's ability to provide compelling business solutions in new geographies. This important new contract win demonstrates the Company's increasing success at converting late-stage prospects into long-term relationships, across multiple markets and industry sectors."

Enquiries

 
 Alfa Financial Software Holdings 
  PLC 
  Andrew Denton, Chief Executive 
  Officer 
  John Miller, Interim Chief Financial 
  Officer                                   [phone] 
 Tulchan Communications LLP 
  James Macey White 
  Matt Low                                  [phone] 
 

Notes to Editors

Alfa has been delivering systems and consultancy services to the global asset and automotive finance industry since 1990. Our best practice methodologies and specialised knowledge of asset finance facilitates our delivery of large software implementations and highly complex business change projects. With an excellent delivery history over nearly three decades in the industry, Alfa's experience and performance is unrivalled.

Alfa Systems, our class-leading technology platform, is at the heart of some of the world's largest asset finance companies. Key to the business case for each implementation is Alfa Systems' ability to replace multiple client systems on a single platform. Alfa Systems supports both retail and corporate business for auto, equipment, wholesale and dealer finance on a multijurisdictional basis, including leases/loans, originations and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, Alfa Systems provides compelling solutions to asset finance companies.

Alfa Systems supports portfolios in 20 countries and Alfa has offices in Europe, Asia-Pacific and North America. For more information, visit www.alfasystems.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

CNTZZGMFMRGGGZM

(END) Dow Jones Newswires

March 18, 2020 07:23 ET (11:23 GMT)