Gresham Technologies PLC on Friday said it has won a subscription agreement for Clareti software with an existing tier one bank customer worth £6.3 million.

In June 2020, the London-based software and services company announced that the bank had signed a contract for the first deployment of Clareti Control for its UK operations.

Clareti provides businesses with connectivity, data migration and integration services.

Now the bank has chosen to adopt the program as its single enterprise control platform for its entire UK business for the running of retail accounts, payments and commercial banking.

The contract will upgrade the existing software subscriptions for at least five years, and immediately increases Gresham’s forward looking annual recurring revenue by £500,000, with a further £300,000 expected as the contract continues.

‘Once again Clareti Control has proved its ability to automate those ’hard to shift’ manual control processes that plague much of the banking sector. We are delighted to be extending our partnership with this flagship customer to bring the benefits of digital transformation and improved control to their business operations. This win is a clear endorsement of our unique technology offering as we continue to consolidate our leading market position,’ said Chief Executive Officer Ian Manocha.

Shares in Gresham Technologies were down 0.9% at 162.00 pence on Friday in London.

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