Eckoh PLC Significant Cloud Contract Win and Order Update (9367V)
15 Agosto 2022 - 01:00AM
UK Regulatory
TIDMECK
RNS Number : 9367V
Eckoh PLC
15 August 2022
15th August 2022
Eckoh plc
("Eckoh", or the "Group")
Significant cloud contract win and order update
$1.3m cloud contract win from leading, global hotel brand
- Increasing demand for Eckoh's patented technology in the
cloud
- Order levels for Q1 FY23 significantly ahead of Q1 FY22
In the Group's preliminary results for the year ended 31 March
2022, Eckoh (AIM: ECK), the global provider of Customer Engagement
Security Solutions, indicated order levels had grown substantially
in the first two months of trading compared to the prior year and
its new business pipeline had significantly strengthened, including
major opportunities for large blue-chip organisations.
The Group is pleased to report that this trend is continuing,
and order levels have shown robust growth, with total orders for
the first quarter of FY23 substantially higher than the first
quarter of FY22. As a result of an attractive pipeline of
opportunities, the Group expects order levels to continue to be
strong and for H1 FY23 to be significantly higher than the previous
year, in line with the Board's expectations.
Contract Wins
As part of the Group's momentum with new business, Eckoh is
pleased to announce it has won a 2-year contract worth a minimum of
$1.3m with a leading, global hotel company following a successful
competitive process. Eckoh will provide a cloud solution to the new
client, incorporating both voice payment security, digital
payments, and advanced speech recognition. When fully deployed, it
is expected to cover more than 20 territories and an equivalent
number of different languages.
This important contract win shows the merit of Eckoh's long
standing strategy to pursue larger opportunities and the success of
the plan to cross-sell from a broader product suite following the
acquisition of Syntec in December 2021. The contract win also shows
the continuing trend towards cloud adoption and more international
mandates. The solution is expected to go live in the second half of
this financial year and in line with other cloud contracts will
deliver higher levels of recurring revenue and margin.
The Group is also pleased to announce a contract win following a
competitive tender for voice payment security with the Irish
division of one the world's largest insurance companies. The deal
is worth a minimum of GBP0.6m over 5 years and it is expected that
this will be one of the first clients to utilise the new enhanced
cloud platform that has been developed through the 'Syntegration'
project. This win reflects Eckoh's strategy to target sectors which
are well suited to our model, technology, and product suite and
secure significant, international mandates for large blue-chip
organisations.
Nik Philpot, Chief Executive Officer, said:
"It is pleasing to see such a positive start to the financial
year with the renewed strength of Eckoh's order levels and our new
business pipeline delivering significant wins. These and other
recent contract wins are important for three reasons. First, they
underline the momentum behind our decision to invest in broadening
our cloud proposition geographically, with multiple suppliers and
product offerings to support the growing international mandates.
Second, they show the success of our strategy to cross-sell from
our new suite of products. Third, they show progress for our
strategy to target attractive sectors which are best suited to our
model, technology, and product suite.
We expect the momentum we have seen in the first few months to
help support our expectations of significant revenue and profit
growth for Eckoh this year."
- Ends -
For further information please contact:
Eckoh plc Tel: 01442 458 300
Nik Philpot, Chief Executive Officer
Chrissie Herbert, Chief Financial Officer
www.eckoh.com
FTI Consulting LLP Tel: 020 3727 1017
Ed Bridges / Jamie Ricketts / Tom Blundell
eckoh@fticonsulting.com
Singer Capital Markets (Nomad & Joint Tel: 020 7496 3000
Broker)
Shaun Dobson / Tom Salvesen / Alex Bond
/ Kailey Aliyar
www.singercm.com
Canaccord Genuity Limited (Joint Broker) Tel: 020 7523 8000
Simon Bridges / Andrew Potts
www.canaccordgenuity.com
About Eckoh plc
Eckoh is a global provider of Customer Engagement Security
Solutions, supporting an international client base from its offices
in the UK and US.
Our Customer Engagement Security Solutions enable enquiries and
transactions to be performed on whatever device the customer
chooses, allowing organisations to increase efficiency, lower
operational costs and provide a true omnichannel experience.
We help our clients to take payments and transact securely with
their customers through all customer engagement channels. The
solutions, which are protected by multiple patents, remove
sensitive personal and payment data from contact centres and IT
environments and are delivered globally through our multiple cloud
platforms or can be deployed on the client's site. They offer
merchants a simple and effective way to reduce the risk of fraud,
secure sensitive data and become compliant with the Payment Card
Industry Data Security Standards ("PCI DSS") and wider data
security regulations. Eckoh has been a PCI DSS Level One Accredited
Service Provider since 2010, securing over GBP5 billion in payments
annually.
Our large portfolio of clients come from a broad range of
vertical markets and includes government departments, telecoms
providers, retailers, utility providers and financial services
organisations.
For more information go to www.eckoh.com or email
MediaResponseUK@eckoh.com.
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END
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