Aspect deal paves the way for new jobs and products at eg solutions
A GROUNDBREAKING deal which secures vital penetration to the important US market will pave the way for new products and jobs at Staffordshire financial software supplier eg solutions.
The company has entered into a strategic partnership and re-seller agreement with US giant Aspect Software. The move could be worth around £1.25m to the business with Aspect taking a stake of just over 10% in the firm via a share placing.
Elizabeth Gooch, chief executive of eg solutions, said she was delighted with the deal, which marked the culmination of almost two years work for the Dunston business.
The agreement expands with firm’s global footprint, giving it market outlets in India, Singapore and now the US.
“We’re absolutely delighted but while the agreement marks the end of almost two years hard work, it also signifies the start of a major push to sustain growth,” said Ms Gooch, who has recently visited Buckingham Palace to collect the MBE she received in the Queen’s Birthday Honours list last year.
“We have now got to focus on growth and to help us achieve that we’re had a major recruitment drive. We have grown staff numbers by around 30% and are still growing.
“We have recruited one new graduate and another six will join us in the next few weeks.”
The company is also targeting the development of a new product suite to ensure it can sustain the new levels of business.
The agreement has also impressed brokers. Panmure Gordon, which has recommended investors to buy, said: “Aspect takes eg into new geographies, increases its implementation capabilities and thereby significantly increases eg’s global reach and catapults its scale. For existing and prospective customers the eg/Aspect pairing offers a unique one-stop-shop solution to managing work, people and optimising resources both within and between the front and back office.”
Massachusetts-based Aspect, through its UK subsidiary, Aspect Software UK has agreed to subscribe for 1,712,392 ordinary shares of 1p each in the capital of eg at a price of 73p per share.
The agreement is for an initial three-year period.
Under the agreement Aspect will have exclusive distribution rights for the eg operational intelligence software suite in Asia Pacific and the Americas and the rest of the world (other than Europe, the Middle East and Africa), and will work jointly with eg in Europe, the Middle East and Africa.
