Focus Solutions secures £10m order from global bank

WARWICKSHIRE financial software supplier Focus Solutions has announced a major contract worth £10m to the group in the short term – a figure which could double during the lifespan of the deal.

Focus, which supplies multi-channel distribution software to the global financial services industry, said the contract – its biggest ever – was with a major global bank.
 
Shares boomed on the announcement – rising more then 40% in early trading.

The contract is initially split between £6.5m in licence fees, approximately £2.5m in implementation services and a further £1m per annum in support and maintenance.
 
In addition, Leamington Spa based Focus anticipates the contract will be worth up to an additional £10m over the next five years from annual support and maintenance fees, transaction fees, and additional implementation services.
 
The bank has selected focus:360° multi-channel distribution to provide a single platform to support every customer engagement for financial advice made through the bank’s branches, call centres and on the internet. The solution will support more than 1,000 advisers and administrators, as well as providing a ‘direct to consumer’ channel for five million account holders.  
 
focus:360° will also support a series of processes to enable the bank to meet the regulatory requirements of the Financial Services Authority’s Retail Distribution Review (RDR).  
 
Through focus:360° the bank is expecting to improve customer service by enabling a seamless interaction across all its advised and direct channels as well as providing an online portal through which its customers can purchase products online.
 
Richard Stevenson, chief executive of AIM-listed Focus Solutions, said: “Following our recent contract extension with HSBC, we are delighted to be working with yet another major global bank to help realise their vision of a truly customer centric, multi-channel distribution solution.

“It is excellent to see one of the world’s leading banks embracing the latest developments in product distribution by implementing a direct-to-consumer channel and it is a testament to Focus’ research, vision and investment that we have been selected to deliver this, in addition to such a large and strategically important project.”
 
Alastair Taylor, Focus chairman, added: “As well as being transformational in terms of value, this is the largest contract win for focus:360° to date and is another important step in the re-positioning of Focus Solutions as a product company; deriving a significant proportion of our revenues from high margin license fees and thus underpinning improved profitability in the business.”