Aptitude Software wins expanded contract with global insurer
Aptitude Software Group
374.00p
08:09 03/07/24
Finance software specialist Aptitude Software Group announced a significant contract win for its Fynapse platform on Monday, with an unnamed major global insurer that is an existing client of the Aptitude Accounting Hub.
FTSE All-Share
4,445.81
09:30 03/07/24
FTSE Small Cap
6,760.41
09:30 03/07/24
Software & Computer Services
2,512.10
09:30 03/07/24
The London-listed company said the three-year expansion contract, valued at over £4m, would incorporate both the Fynapse Finance Data Management platform and the Aptitude Accounting Hub, adding to its annual recurring revenue (ARR).
It said the contract would generate an additional £0.4m annually, contributing to a total software contract value exceeding £4m over the three years.
The client, a leading global insurer with operations in more than 50 countries, reportedly chose Fynapse for its ability to support autonomous finance through a modular, rapid, and flexible implementation approach, avoiding a complex and costly "big bang" implementation.
“We are delighted to continue our work with this client, supporting their autonomous finance journey with our next-generation Fynapse platform,” said chief executive officer Alex Curran.
“The selection by a leading global insurer underscores the demand for an alternative approach to finance transformation and showcases the platform's appeal to a top-tier financial services organisation.”
At 0800 BST, shares in Aptitude Software Group were up 2.19% at 378.11p.
Reporting by Josh White for Sharecast.com.