Business
Grosvenor wins major European Partner Contract
Grosvenor wins major European Partner Contract.
About this update from Newmark Security Plc
[{"type":"text","content":"\n \nRNS Number : 5614X Newmark Security PLC 27 November 2017 \n\nPrior to publication in this announcement, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\").\n \n27 November 2017\n \nNewmark Security plc\n(\"Newmark Security\" or the \"Company\")\n \nGrosvenor Technology wins major European Partner Contract\n \nNewmark Security plc (AIM: NWT), a leading provider of electronic and physical security systems, is pleased to announce that Grosvenor Technology, its UK based security and attendance solutions provider, has won a new contract with a leading European workforce management provider.\n \nUnder the contract, Grosvenor Technology will provide a Linux based OEM variant of its GT-10 workforce management terminal in addition to a range of cloud based support services on a Software as a Service (SaaS) basis. Grosvenor Technology will also provide an OEM variant of its Sateon Advance Access Control Hardware, to work with the partner's existing software platform.\n \nThe customer funded development work in the contract, itself worth €190k, is being conducted in Newmark Security's current fiscal year and revenues for the products and services are expected to come on stream in the second quarter of 2018. The contract value is expected to be around €3m over a 5 year period (being the initial term of the contract). \n \nMarie-Claire Dwek, CEO of Newmark Security, said:\n \n\"This contract is another example of our overarching strategy of growing recurring revenues beginning to bear fruit. We have invested significantly in developing both Sateon Advance Hardware and the GT-10 terminal so it is particularly pleasing to see both these products being adopted by this partner.\"\n \nAndy Rainforth, Managing Director of Grosvenor Technology, added: \n \n\"This contract is similar in complexity to several we are currently negotiating as we increasingly have conversations with major Human Capital Management solution providers seeking supply partners whose differentiation strategies are aligned with their own.\n \nOur tailored 'custom build' approach allows our partners to add greater value downstream, as we provide a hardware and support soluti...