PROACTIS Holdings PLC Fifth Third Bank Contract extension (3136D)
January 28 2015 - 2:00AM
UK Regulatory
TIDMPHD
RNS Number : 3136D
PROACTIS Holdings PLC
28 January 2015
Date: 28 January 2015
On behalf of: PROACTIS Holdings PLC ("PROACTIS" the "Company"
or "the Group")
Embargoed until: 0700hrs
PROACTIS Holdings PLC
Fifth Third Bank Contract extension & Referral Agreement
-- Extension of contract to include full suite of PROACTIS
eProcurement solutions
-- Collaborative software development initiative and Referral
Agreement
PROACTIS, a global Spend Control and eProcurement solution
provider, announces today that Fifth Third Bank ("Fifth Third") has
extended its existing five year contract to include the full suite
of PROACTIS eProcurement solutions.
Fifth Third is one of the top 15 US regional banking
corporations and is headquartered in Cincinnati, Ohio. At 31
December 2014, Fifth Third had $139 billion in assets and operated
15 affiliates with 1,302 full-service Banking Centers and 2,638
Jeanie(R) ATMs across 12 states throughout the Mid-western and
South-eastern regions of the US.
This follows on from the announcement on 25 June 2014 regarding
the Group's landmark agreement with Fifth Third for PROACTIS'
Purchase-to-Pay solution, an initial five year software/services
contract with associated revenues estimated at $2.19 million.
Under the extension, Fifth Third and PROACTIS will collaborate
on the development of PROACTIS' eProcurement solutions to extend
key system capabilities and address specific sector process
requirements to identify and manage risk and meet regulatory
requirements. It is scheduled to be complete within the current
financial year.
Under the Referral Agreement, the resultant software will be
marketed jointly with Fifth Third to other regional US banks. The
Directors believe that the top 150 US banks have approximately $7
trillion in assets, indicating the size of the potential
market.
Rod Jones, PROACTIS' CEO, commented:
"We are delighted to be extending our working relationship with
Fifth Third Bank so soon after its initial software investment.
PROACTIS is well positioned to address the key regulatory and risk
concerns for the sector with Fifth Third through its innovative
technology. We are confident that our software and collaboration
with Fifth Bank will accelerate our imprint in the sector and drive
further growth for shareholders."
Enquiries:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Officer Via Redleaf PR
Tim Sykes, Chief Financial Officer
Redleaf PR
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 approximately 500 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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