Gresham Tech bags £7m in deals with two global banks
London-based real-time data integrity and control solutions firm, Gresham Technologies, has bagged a second major global bank win in the first quarter of 2019.
Gresham has not named the customer, which will use the company’s Clareti big data software solution.
The latest deal comes hot on the heels of a comparable ‘bulge bracket’ global investment bank win in February, Gresham said, adding that the two new wins together represent over £7M in total contract value, the company said.
Since the first Clareti customer went live in 2013, Clareti technology has been adopted by over 100 firms and the platform has become a de-facto industry standard for enterprise data integrity and control.
One of the banks selected the Clareti platform, together with one of Gresham's strategic alliance partners, Cognizant, to deliver a fully managed service to replace core cash and stock reconciliations as well as address new global requirements.
Gresham said the second bank will also replace a legacy vendor solution for its global cash and securities processing operations with Gresham’s more agile technology.
Ambitious digitisation plans
With ambitious strategic digitalisation plans, both firms independently identified the need to replace inflexible, inefficient legacy applications that date back to the 1990’s. The Clareti platform is the only modern enterprise-grade alternative, proven to operate at scale and flexible enough to handle the industry’s new demands.
"Two more of the world’s largest banks’ have turned to Gresham to enable their post-trade digitalisation, with Clareti underpinning their approach to enterprise data control and automation”, said Ian Manocha, CEO at Gresham.
“Success alongside a partner of Cognizant’s calibre, further demonstrates how Clareti has become the industry’s only proven alternative to legacy reconciliation technology.”
Bill Blythe, Global Business Development Director at Gresham said: “There is a seismic shift happening in capital markets today as banks move toward strategic global control platforms and lower cost utilities for their data quality problems.
“These wins displace legacy technologies that have become blockers to innovation, regulatory compliance and efficiency, some of which are approaching end-of-life.”
Gresham Technologies is listed on the London Stock Exchange and its shares were trading down 2.2 per cent at 87.5p earlier today.
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