RegTech Open Project PLC shares jumped on Thursday, after it signed its first UK contract with Eram Capital Partners.

RegTech is a technology business focused on automation and optimisation of regulatory compliance operations.

Shares in the London-based company were up 33% to 14.95 pence each in London on Thursday morning. However, since its August initial public offering at £1.00 per share, the stock has plummeted 86%.

RegTech shares started trading on the Main Market of the London Stock Exchange in August through a direct listing.

On Thursday, RegTech said it has signed a ‘major’ contract with Eram Capital, a UK-based investment holding company.

Eram will use the Open Orbit Platform in each of its portfolio companies.

‘Eram has strategic interests in a diverse array of companies across various industries including real estate, financial technology, renewable energy, and natural resources,’ RegTech explained.

The contract to supply software and services marks RegTech’s first UK customer for the platform.

Chief Executive Ian Halliday-Pegg said: ‘Our contract with Eram, as a major UK investor and strategic operator in key industries with a mature business continuity capability, demonstrates the attractiveness and strength of RTOP’s proposition and its ability to elevate business continuity to genuine operational resilience. This will be a flagship implementation in the UK, creating the opportunity to prove the value of our solutions across these UK industries.’

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