Gresham Technologies PLC Significant Clareti Contract with Global Bank (0877G)

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RNS Number : 0877G

Gresham Technologies PLC

23 November 2020

RNS

23 November 2020

Gresham Technologies plc

Global Bank Signs Enterprise Framework Agreement for Clareti

Gresham Technologies plc (LSE: "GHT", "Gresham", "Company" or the "Group"), the leading software and services company that specialises in providing solutions for data integrity and control, banking integration, payments and cash management, is pleased to announce it has entered into an enterprise framework agreement for Clareti with one of the world's largest banks.

The Tier 1 global bank is an existing customer and, under previous agreements, has already deployed Clareti Transaction Control (CTC) for regulatory reporting control and exception management in multiple global markets, including G20 reporting in UK, Europe and Asia and Consolidated Audit Trail (CAT) in the United States. The new enterprise framework agreement consolidates and extends the previous agreements and provides a strategic growth framework for further adoption of CTC across the global business.

The new agreement has a minimum committed value of USD $2.3 million over the initial 3-year term of which approximately USD $0.3 million is already contracted up to April 2021 under the previous agreements. The agreement increases the Group's forward-looking annualised recurring revenues by USD $0.2 million, net of renewing ARR, and additional incremental revenues are expected during the term of the agreement. This contract further underpins our confidence in current market expectations for both the remainder of FY20 and FY21.

Ian Manocha, Chief Executive Officer, said:

"We are delighted to announce a new strategic agreement with this major financial institution who we have been working with since 2018. The agreement secures a significant level of revenue for the Group over the next 3 years and provides a simpler framework for the customer to bring new areas of their business onto the Clareti platform. We look forward to further developing our close collaboration with this important customer."

Enquiries

 
                                                   [phone] 
Gresham Technologies plc                            0200 
Ian Manocha 
Tom Mullan 
 
                                                   [phone] 
N+1 Singer (Financial Adviser and Broker)           3000 
Shaun Dobson / Jen Boorer / Iqra Amin (Corporate 
 Finance) 
Tom Salvesen (Corporate Broking) 
 
 

Inside information

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Note to editors

Gresham Technologies plc is a leading software and services company that specialises in providing real-time solutions for data integrity and control, banking integration, payments and cash management. Listed on the main market of the London Stock Exchange (GHT.L) and headquartered in the City of London, its customers include some of the world's largest financial institutions and corporates, all of whom are served locally from offices located in the UK, Europe, North America and Asia Pacific.

Gresham's award-winning Clareti software platform is a highly flexible and scalable platform, available on-site or in the cloud, designed to address today's most challenging financial control, risk management, data governance and regulatory compliance problems. Learn more at www.greshamtech.com.

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November 23, 2020 02:00 ET (07:00 GMT)