TIDMECK
RNS Number : 8596T
Eckoh PLC
30 March 2021
March 30 2021
Eckoh plc
("Eckoh")
Contract wins update
- Eckoh wins $11.6m of new contracts in US Secure Payments
- New contract value for US Secure Payments exceeds FY20
total
- Excellent momentum for Eckoh's Cloud platforms
Eckoh plc (AIM:ECK), the global provider of secure payment
products and customer contact solutions, today announces an update
on progress for new contracts in its US Secure Payments
operation.
Despite the very challenging trading period at the outset of the
year, since the beginning of September 2020 $9.3m of new contracts
have been signed, taking new contract value for US Secure Payments
won so far this financial year to $11.6m, comfortably exceeding the
FY20 total of $10.7m. The number of individual contracts won in the
year is also the highest since Eckoh entered the US market.
As highlighted in the interim results on 24 November 2020, the
year has seen a significant positive swing in the number of
contracts won and delivered through Eckoh's Cloud platforms. Where
possible, organisations have fast-tracked their plans to deploy in
the Cloud, a trend accelerated by the circumstances of the
pandemic. More than half the contract value Eckoh has won, and more
than 80% of the number of contracts, have been for Cloud delivery.
Our proven ability to successfully deliver solutions both on
premise and in the Cloud is one of the key differences that has
seen Eckoh take a market leading position in the US.
Our latest contract, won in March through a new partner, is
worth a minimum of $1.35m and is to deliver services to one of the
largest not-for-profit US healthcare corporations. This adds to the
growing base of clients in the healthcare sector where Eckoh's
proven experience of delivery and our financial strength has been
decisive.
The partnership with Intrado (originally West Corporation), was
recently renewed until 2024. It delivered its first US contract win
for Eckoh in 2016, and in the same year added a landmark deal with
a Fortune 50 insurance company, which was recently renewed. The
latest win in February for the partnership is a three-year contract
for a Fortune 100 company, to secure both payments and personally
identifiable information.
This breadth of data security is achieved through Eckoh's unique
and patented solution CallGuard, which can tokenise sensitive
information of many types. Eckoh's ongoing commitment to innovating
its technology and product differentiation, continues to strengthen
the Company's competitive advantage and market leadership, as the
go-to provider of best-in-class secure payments solutions.
A year end trading update, which will cover the wider business,
will be released as normal in May.
Nik Philpot, Chief Executive Officer at Eckoh, commented:
" The excellent performance of Eckoh's US Secure Payments
business has been very satisfying, as it was one of the hardest hit
in the first few months of the pandemic. Despite those challenges,
with record numbers of contracts signed and new contract value
beating last year's total, this clearly illustrates Eckoh's
momentum in the attractive Secure Payments market.
It has also been great to see our commitment and investment into
new sales channels paying dividends with significant sized deals
coming through new partners, as well as our long-standing
partnerships continuing to deliver high quality contracts. We
anticipate that the share of channel revenue will steadily increase
over the coming years as the number of relationships we have grows
and the penetration of those partners into their specialist areas
builds."
- Ends -
For more information, please contact:
Eckoh plc
Nik Philpot, Chief Executive Officer
Chrissie Herbert, Chief Financial Officer
Tel: 01442 458 300
www.eckoh.com
FTI Consulting LLP
Ed Bridges, Jamie Ricketts, Darius Alexander, Tel: +44 (0) 203
Tom Blundell 727 1000
eckoh@fticonsulting.com
N+1 Singer (Nomad & Joint Broker)
Shaun Dobson, Justin McKeegan Tel: +44(0) 20 7496
3000
www.n1singer.com
Canaccord Genuity Limited (Joint Broker)
Simon Bridges, Emma Gabriel Tel: +44(0) 20 7523
8000
www.canaccordgenuity.com
About Eckoh plc
Eckoh is a global provider of secure payment products and
customer contact solutions, supporting an international client base
from its offices in the UK and US.
Our secure payments products help our clients take payments
securely from their customers through multiple channels. The
products, which include the patented CallGuard, can be hosted in
the Cloud or deployed on the client's site and remove sensitive
personal and payment data from contact centres and IT environments.
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 GBP5bn in
payments annually.
Eckoh's customer contact 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
also assist organisations in transforming the way that they engage
with their customers by providing support and transition services
as they implement our innovative customer contact solutions.
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
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