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Gresham Technologies PLC - London-based software and services for data integrity and control, banking integration, payments and cash management - Wins new contract with a ‘Tier 1’ bank, an existing client, worth around $1.3 million over five years. Says agreement was signed on Thursday. The deal is for Clareti Connect in the banking industry, which will replace legacy financial information exchange processing infrastructure to streamline market connectivity and client onboarding. The initial contract has a five-year committed term with minimum incremental subscription fees of $1.3 million, plus additional recurring usage-based fees and one-off fees for professional services.
Chief Executive Officer Ian Manocha says: ‘We are delighted to have been selected to provide this strategic solution for an existing customer that we have been working directly with since our acquisition of Inforalgo in July 2020. This contract, which was concluded after a short sales cycle, significantly increases the customer annual recurring revenue and demonstrates that we have the technology, industry expertise and contractual relationships to deliver on our land and expand strategy.’
By Greg Rosenvinge, Alliance News reporter
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