Gresham Technologies wins ‘strategic’ data contract ahead of US expansion

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TMT Reporter

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In today's world there are currently three technological frontiers that are poised to revolutionize the way we work, transact, and live: artificial intelligence (AI), Web3, and cryptocurrencies, in a term known as convergence.  As a professional, it's crucial to understand these concepts and their potential impact on your career and personal life.
In today's world there are currently three technological frontiers that are poised to revolutionize the way we work, transact, and live: artificial intelligence (AI), Web3, and cryptocurrencies, in a term known as convergence.  As a professional, it's crucial to understand these concepts and their potential impact on your career and personal life.

Software company Gresham Technologies has secured a contract worth $1.5m (£1.2m) for its Clareti Control platform, designed to help financial institutions control their data.

The deal involves an unnamed customer which Gresham said is a “leading provider of cash management and retail digital solutions sector” that already uses Clareti technology in Europe. 

Now, the “key customer”, which operates globally across more than 50 countries, is extending its partnership by implementing the cloud-based solution for their operations in the US.

The initial contract spans five years, with committed subscription fees totalling $1.5m (£1.2m), along with extra charges for “professional services,” the company which serves the financial services sector said on Tuesday.

There are also plans for further project phases in the US, which could potentially involve processing payments to multiple bank partners, leading to additional subscription fees.

Gresham chief executive, Ian Manocha, said: “We are delighted to be building a global relationship with this respected leader in the cash management industry.

“We will work together to automate cash and payments processing controls with the objective of improving the management of operational and financial risks and lowering operating costs.”

Gresham shares have fallen 24 per cent in the past year, with a large dip last year after the London-listed company ditched its low-margin legacy service, costing it £8.5m.