Eckoh PLC Strong Contract Momentum (6580R)

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RNS Number : 6580R

Eckoh PLC

04 March 2019

4(th) March 2019

Eckoh plc ("Eckoh")

Strong Contract Momentum Continues

Eckoh, the global provider of secure payment products and customer contact solutions, is pleased to announce it continues to experience strong contract momentum, with more than GBP10m in contract value secured since the half year (30(th) September 2018).

This reflects success in both the UK and the US in converting significant pipeline opportunities and renewals of existing contracts. The UK has benefitted particularly from its partnership channel, whilst the US has had continued traction with healthcare insurers and the retail sector.

Strong momentum in the UK

New contract wins include the largest Omnichannel agreement Eckoh has won since the acquisition of Klick2Contact in 2016. This 5-year contract, which was won in a competitive tender process, will see Eckoh provide an existing business process outsourcing partner with Omnichannel capability for one of its largest clients, with the services expected to be extended to further clients in due course.

Other new contracts include a secure payments agreement worth an initial GBP0.8m won through a longstanding telecoms partner, which will see the first implementation on behalf of a large nationwide automotive dealership. We have also entered into new contracts with two utility companies worth GBP0.4m.

Significant contracts have also been renewed including a three-year agreement for customer engagement with Vue Cinemas, and a two-year renewal with a central government department to continue providing secure payment services. These were the two largest UK contracts to come up for renewal in this financial year.

US traction continues

Building on our success with healthcare insurers we have won further secure payments contracts from this sector, all three years in length, totalling $2.6m in value. We have also signed a three-year contract with a product provider to financial institutions worth over $1m.

In the retail sector we have contracted for our patented CallGuard solution with a well-known multi-channel interiors retailer and this contract is being delivered completely through Eckoh's Cloud platform, which is hosted in Amazon Web Services.

Whilst Cloud opportunities are still much smaller in size, we do expect this to change over time, and Eckoh is the only US provider who can deliver contact centre payment security through either an on-site deployment, a hosted managed service or in the Cloud. The Group's significant US presence, together with our ability to provide completely US-based implementation teams, with ease of integration, and local support are key differentiators identified by customers.

In the Support area of Eckoh's US business, through a new partnership with a multinational technology company, we have renewed a significant contract for a telecommunications client. The partner came to Eckoh having seen the pedigree of our support services and the contract is initially worth $1.0m with the potential to increase to $2.8m depending on future support requirements.

Nik Philpot, Chief Executive Officer, said:

"After an extremely strong first half to the year, it has been very encouraging to see that momentum continue with multiple new contract wins, alongside key renewals, which underpin future market forecasts. These contract wins, with such well-known enterprises, reflects Eckoh's position as the preferred supplier for the largest companies.

We have also made excellent progress with key strategic initiatives, such as establishing a market leading position in Cloud delivery for Secure Payments, the ongoing development of our Omnichannel solution and broadening our partner relationships to accelerate our penetration of our key markets."

-ENDS-

 
 For more information, please contact: 
 
 Eckoh plc 
 Nik Philpot, Chief Executive Officer        Tel: [phone] 
 Chrissie Herbert, Chief Financial Officer 
 www.eckoh.com 
 
 FTI Consulting LLP 
 Ed Bridges / Jamie Ricketts / Darius        Tel: [phone] 
  Alexander 
 [e-mail] 
 
 N+1 Singer (Nomad & Joint Broker)           Tel: [phone] 
 Shaun Dobson / Justin McKeegan 
 www.n1singer.com 
 
 Canaccord Genuity Limited (Joint Broker)    Tel: [phone] 
 Simon Bridges / Emma Gabriel 
 

About Eckoh plc

Eckoh is a global provider of secure payment products and customer contact solutions, supporting an international client base from its offices in the UK and US.

Our secure payments products help our customers take payments securely from their clients through multiple channels. Our products, which include the patented CallGuard, can be hosted in the Cloud or deployed on the client's site and remove sensitive personal and payment data from contact centres and IT environments. Our products offer merchants a simple and effective way to reduce the risk of fraud, secure sensitive data and become compliant with the Payment Card Industry Data Security Standards ("PCI DSS") and wider data security regulations. Eckoh has been a PCI DSS Level One Accredited Service Provider since 2010, securing over $2bn in payments annually.

Eckoh's customer contact solutions enable enquiries and transactions to be performed on whatever device the customer chooses, allowing organisations to increase efficiency, lower operational costs and provide a true Omni-channel experience. We also assist organisations in transforming the way that they engage with their customers by providing support and transition services as they implement our innovative customer contact solutions.

Our large portfolio of clients come from a broad range of vertical markets and includes government departments, telecoms providers, retailers, utility providers and financial services organisations.

For more information go to www.eckoh.com or email Media [e-mail]

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March 04, 2019 02:00 ET (07:00 GMT)