Financial software firms win new orders
TWO financial software solutions providers in the West Midlands have received a boost to their business after announcing major new contracts.
Leamington-based Focus Solutions Group today said it had secured a deal with financial adviser AWD Chase de Vere which will be worth £1.4m over four years, while Staffordshire-based eg solutions announced two new orders in the UK financial services sector which together, are worth £250,000.
Focus Solutions (FSG) said its contract was for the supply of its focus:360° programme, the group’s leading wealth management software package.
The contract, which starts this month, comprises a four year term for the licensing, support and maintenance of the focus:360° software, based on a per user licence worth approximately £850,000.
Focus Solutions will also provide professional services to support the configuration and implementation of focus:360°.
AWD Chase de Vere will use the package to support its team of 178 advisers in delivering holistic financial planning advice.
The solutions package will cover all product areas as part of the organisation’s wealth management and corporate client propositions and is expected to increase efficiency across the entire sales and advice process.
Richard Stevenson, chief executive of Focus Solutions, said: “AWD Chase de Vere is one of the leading IFAs in the UK and it is a great endorsement of focus:360° that they have chosen our solution to underpin their holistic financial planning capabilities.
“This is the second contract we have won in recent months for focus:360°, where our software is key to driving the advice process of one of the largest independent financial advice distributors in the UK.”
eg solutions (EGS) said the first of its new orders was from Nationwide Building Society, which wanted additional support for its back office functions.
The deal follows the recent sale of an enterprise-wide software licence to the building society.
The second order is from a major UK life and pensions company where eg’s operational management software will be rolled out to a further 400 staff to support improved capacity and work flow management.
It will also provide consistent operational management information.
The contract means the client now has more than 2,125 users of eg software, spread across four divisions and five locations.
The revenue from these orders will be recognised in the financial year to January 31, 2011.
Elizabeth Gooch, eg chief executive, said: “These latest orders demonstrate the potential of generating repeat sales within our existing customer base of substantial UK and international financial services companies.”
