CUPERTINO, Calif., Feb. 6, 2025
/CNW/ - Boardwalktech Software Corp. ("Boardwalktech") (TSXV:
BWLK) (OTCQB: BWLKF), the leading Intelligent Information Platform
company, announced today that it continues expansion in one of its
banking customers who is a top 5 US Bank. Boardwalktech reached an
important milestone at the end of January
2025 in the delivery of its Velocity product, increasing
annual recurring revenue and expanding professional services
agreements with multiple partners through 2025 which will deliver
over $300,000 of incremental revenue
to Boardwalktech from this engagement, which represents a doubling
to comparable levels last year for the Company. This joint
professional services work is also critical to the projected
contractual increase in annual recurring revenue when the bank
renews its license in April.
Banks continue to face mounting regulatory pressure to mitigate
and improve the risks associated with end-user computing
applications (EUCs). Many of these EUCs are developed and managed
using Microsoft Excel, which has become an integral part of how
banks manage and report on many areas of their business.
Boardwalktech's innovative Velocity solution empowers banks and
insurance companies to effortlessly achieve their regulatory and
compliance objectives through the seamless migration and
transformation of Excel-based EUCs to IT controlled and managed
business applications, setting new industry standards.
Boardwalk Velocity rapidly delivers significant business process
improvements, full compliance with regulatory standards and
improved risk reduction allowing banks to understand, report and
make more timely decisions improving overall results. All of this
is done 15 times faster and more economically than our nearest
competitor.
This issue of EUC transformation, which banks have historically
avoided due to its extensive scope, reliance on exhaustive manual
solutions, highly intricate nature, and overall cost to mitigate
can no longer be ignored by relying on conventional brute-force
solutions. In light of the evolving regulatory environment and risk
management implications, EUC transformation and improving the risks
associated with EUCs has evolved into a top priority in most banks.
"Our continued contract expansion within our Top 5 US bank
client is a testament to the value that Boardwalktech's Velocity
and our people can deliver to major financial institutions.
Currently, through both Boardwalktech employees and our very
important delivery partners, we have over 50 dedicated people
working to deliver the Velocity solution across the bank," said
Andrew T. Duncan, Chief Executive
Officer of Boardwalktech. "Yet, it isn't just the expansion
within the current client that excites us. These partners,
and other potential partners are seeing the documented value-add of
the Velocity solution, and directly applying that learning towards
other new opportunities. Thus, we fully expect to see other banks
adopt the Velocity solution as we continue to outpace any
competition with regard to speed of delivery, improvement of the
risk management and transformation of these EUCs."
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology
Platform currently used by Fortune 500 companies running
mission-critical applications worldwide. Boardwalktech's digital
ledger technology and its unique method of managing vast amounts of
structured and unstructured data is the only platform on the market
today where multiple parties can effectively work on the same data
simultaneously while preserving the fidelity and provenance of the
data. Boardwalktech can deliver collaborative, purpose-built
enterprise information management applications on any device or
user interface with full integration with enterprise systems of
record in a fraction of the time it takes other non-digital ledger
technology-based platforms. Boardwalktech is headquartered in
Cupertino, California with offices
in India and operations in
North America. For more
information on Boardwalktech, visit our website
at www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and statements are not
representative of historical facts or information or current
condition, but instead represent only the Company's beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. Generally, such forward-looking information or statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance, or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks including, without limitation, the risks
discussed under the heading "Risk Factors" in the Company's filing
statement dated November 26, 2024.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information and forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward-looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Boardwalktech Software Corp.
