Milestone in US growth for software group
PROACTIS, the Yorkshire spend control software provider, has today said it expects revenues and profits to exceed market expectations, after it has announced signing a “landmark” agreement with Fifth Third Bank, one of the top 15 US regional banking corporations.
The agreement has the potential to generate revenue in excess of $2m over its five-year term and based on the revenue that it expects to generate during the financial year ending July 31 2015, the board of PROACTIS said it now expects that the group’s revenues and profits will exceed current market expectations for that period.
The agreement commits Ohio-headquartered Fifth Third to an element of PROACTIS’ end-to-end Spend Control and eProcurement solution designed to assist Fifth Third in delivering its profit improvement initiatives. Agreement is subject to a termination for convenience option in favour of Fifth Third.
Rod Jones, PROACTIS’ CEO, said: “We are delighted to have signed this deal which represented a milestone in the company’s US growth. We have a great solution which we believe can help Fifth Third realise its investment in a very short space of time. Our client focussed approach and our geographic reach means we can serve Fifth Third exceptionally well and I am looking forward to broadening the relationship in the fullness of time.”
At the end of March, Fifth Third had $130bn in assets and operated 17 affiliates with 1,309 full-service Banking Centres and 2,616 Jeanie ATMs across 12 states throughout the Mid-western and South-eastern regions of the US.
