PROACTIS Holdings PLC PROACTIS Signs Landmark Procurement Contract in US (4358K)
June 25 2014 - 2:01AM
UK Regulatory
TIDMPHD
RNS Number : 4358K
PROACTIS Holdings PLC
25 June 2014
Date: 25 June 2014
On behalf of: PROACTIS Holdings PLC ("PROACTIS" the "Company"
or "the Group")
Embargoed until: 0700hrs
PROACTIS Holdings PLC
PROACTIS Signs Landmark eProcurement Contract in US
-- Agreement with a leading US regional bank
-- Potential to generate revenue in excess of $2m over a five
year term
-- Revenues now anticipated to exceed market expectations
PROACTIS, a global Spend Control and eProcurement solution
provider, announces today that it has signed a landmark agreement
with Fifth Third Bank ("Fifth Third"), one of the top 15 US
regional banking corporations.
The agreement has the potential to generate revenue in excess of
$2m over its five year term and based on the revenue that it
expects to generate during the financial year ending 31 July 2015,
the Board of PROACTIS now expects that the Group's revenues and
profits will exceed current market expectations for that
period.
The agreement commits Fifth Third to an element of PROACTIS'
end-to-end Spend Control and eProcurement solution designed to
assist Fifth Third in delivering its profit improvement initiatives
through the bringing more of Fifth Third's expenditure on contract
and under control and by consolidation of supply wherever possible.
The agreement is subject to a termination for convenience option in
favour of Fifth Third.
Fifth Third Bank is headquartered in Cincinnati, Ohio. At 31
March 2014, Fifth Third had $130 billion in assets and operated 17
affiliates with 1,309 full-service Banking Centers and 2,616
Jeanie(R) ATMs across 12 states throughout the Mid-western and
South-eastern regions of the US.
Rod Jones, PROACTIS' CEO, commented:
"We are delighted to have signed this deal which represented a
milestone in the Company's US growth. We have a great solution
which we believe can help Fifth Third realise its investment in a
very short space of time. Our client focussed approach and our
geographic reach means we can serve Fifth Third exceptionally well
and I am looking forward to broadening the relationship in the
fullness of time."
Enquiries:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Officer Via Redleaf Polhill
Tim Sykes, Chief Financial Officer
Redleaf Polhill
Rebecca Sanders-Hewett
Jenny Bahr
Rachael Brown 0207 382 4730
finnCap Limited
Stuart Andrews
Charlotte Stranner 0207 220 0500
Notes to Editors:
PROACTIS creates, sells and maintains specialist software which
enables organisations to streamline, control and monitor all
internal and external expenditure, other than payroll. PROACTIS is
used in over 400 organisations around the world from the
commercial, public and not-for-profit sectors.
PROACTIS is head quartered in Wetherby, West Yorkshire. It
develops its own software using an in-house team of developers and
sells through both direct and indirect channels via a number of
Accredited Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange
in June 2006.
CLOUD COMPUTING is defined as location-independent computing,
whereby shared servers provide resources, software, and data to
computers and other devices on demand, as with the electricity
grid.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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