Business
Major New Client Win
Major New Client Win.
About this update from Rosslyn Data Technologies Plc
[{"type":"text","content":"\n\n21 August 2024 \n \nRosslyn Data Technologies plc \n(\"Rosslyn\" or the \"Company\") \n \nMajor New Client Win\nRosslyn appointed by Top 10 global technology company\nInitial contract worth minimum of £2 million over three years\n \nRosslyn (AIM: RDT), the provider of a leading cloud-based enterprise spend intelligence platform, is pleased to announce that it has won a new three-year contract (the \"Contract\") with one of the world's largest technology companies (the \"Customer\"), which has a minimum revenue value of £2 million and also brings further possible growth opportunities through expansion into the Customer's other divisions and operations. The Customer and Rosslyn are also engaging in a co-innovation partnership for enhanced technology development.\n \nThe Customer, headquartered in the US, is a multinational technology company, a global household name and one of the top-10 Fortune 100 companies. The Customer provides, inter alia, cloud services and is engaged in activities such as e-commerce, online advertising, digital streaming and artificial intelligence (\"AI\"). This initial contract is with the Customer's central procurement division and, upon successful deployment, has potential to expand to at least a further ten departments. The Contract will generate a minimum of £2 million of revenue over the three-year term, of which £700k will be received in the Company's current financial year.\n \nThe Contract was awarded to Rosslyn following an extensive nine month competitive tender process, after the Customer had taken the strategic decision to appoint an external provider rather than developing an in-house solution. The Company's management believe this represents one of the largest investments the Customer's procurement division has made to-date in third-party software. The Customer was attracted by, amongst other factors, Rosslyn's agility and also the development work being undertaken, based on Rosslyn's AI solution, to automate the data classification process and to establish an enterprise-grade procurement data lake. Accordingly, the Customer and Rosslyn have also established a co-innovation partnership, with the Customer providing funding for the development of next-generation technology, including AI elements, to enhance Rosslyn's platform.\n \nPaul Watts, CE...