LONDON (Alliance News) - Proactis Holdings PLC on Wednesday said it has secured a third extension to its contract with US regional bank Fifth Third Bank.
Under the extension of the deal, the pair will work on developing Proactis' eProcurement products in order to extend the key system capabilities and address sector-specific process requirements, Proactis said. They expect to complete the work this year.
Proactis did not provide any financial details on the contract extension, but said the deal is in addition to the five-year agreement signed in June last year under which Proactis is providing its Purchase-to-Pay platform to the Cincinnati, Ohio-based bank. That deal is worth USD2.2 million.
"We are delighted to be extending our working relationship with Fifth Third Bank so soon after its initial software investment. Proactis is well positioned to address the key regulatory and risk concerns for the sector with Fifth Third through its innovative technology. We are confident that our software and collaboration with Fifth Bank will accelerate our imprint in the sector and drive further growth for shareholders," said Proactis Chief Executive Officer Rod Jones.
Shares in Proactis were up 2.4% to 87.00 pence on Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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