Gresham Technologies PLC USD 1.9m new customer win in investment management (0790K)

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RNS Number : 0790K

Gresham Technologies PLC

19 December 2022

RNS

19 December 2022

Gresham Technologies plc

Strategic USD 1.9m contract win with Tier 1 global asset manager

Gresham Technologies plc (LSE: "GHT", "Gresham", "Group", "Company"), 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 a new key customer win in the investment management industry.

On 17 December 2022, one of world's largest asset managers signed a contract for Control and Data Services in the cloud to replace a legacy reconciliation product and to streamline its data aggregation processes. The US-based firm, consistently ranked in the top five global asset managers by AUM, will partner with Gresham to consolidate all market-facing reconciliations and data controls for their institutional investment management business onto a modern cloud platform.

The initial contract has a three-year term with total subscription fees of USD 1.5m and additional fees for professional services. Initial forward looking ARR is USD 0.1m, rising to USD 0.5m in the second quarter of FY23 upon delivery of certain contractual obligations.

Ian Manocha, CEO commented

"We are delighted to be welcoming a new key customer in the investment management industry. For our initial project we are partnering to replace a legacy transaction lifecycle management solution and a third-party data collection service with an end-to-end solution delivered in the cloud. Our goal is to improve the management of risk, lower operating costs, and provide a more agile digital platform for the future.

The combination of Clareti Control and the Data offering acquired through Electra provided clear competitive differentiation and our deep industry skills, flexible service offerings, and proven experience partnering with the world's largest financial institutions were all important factors in the decision to select Gresham."

Enquiries

 
                                                   [phone] 
Gresham Technologies plc                            0200 
Ian Manocha 
Tom Mullan 
 
Singer Capital Markets (Financial Adviser and      [phone] 
 Broker)                                            3000 
Shaun Dobson / Tom Salvesen / Jen Boorer 
 
                                                   [phone] 
Alma PR                                             0205 
Josh Royston / Hilary Buchanan / Hannah Campbell 
 

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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December 19, 2022 02:00 ET (07:00 GMT)