Gresham Technologies PLC on Monday said that it has signed a new name Clareti contract win in the US investment management industry, worth $1.6 million.

London-based Gresham Technologies provides software and services for data integrity and control, banking integration, payments and cash management.

Its Clareti software platform is designed to address financial control, risk management, data governance and regulatory compliance problems.

Gresham did not specify with which company it signed the contract with.

However, it did say that the US-based firm has selected Gresham to help automate and reduce costs in its investment operations with a cloud solution covering data collection from custodians and brokers, data aggregation, reconciliation against internal books and records, and exception management processes.

The contract includes minimum subscription fees of $240,000 per annum over an initial five-year committed term, with potential for incremental subscription fees through optional managed services and usage expansion.

Additional fees for professional services will be generated in connection with the implementation project.

‘We are seeing increasing demand for our automation solutions in the investment management industry as firms seek to compete more effectively in a demanding macro-environment,’ said Chief Executive Officer Ian Manocha.

‘This contract serves to highlight the increasing value placed in our proven and highly differentiated solutions for buy-side enabled firms seeking to drive out costs and increase automation in their investment operations.’

Gresham Technologies shares were trading 2.8% higher at 143.90 pence each in London on Monday afternoon.

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