REG - Rosslyn Data Tech. - Major New Client Win

Rosslyn Data TechnologiesAnnouncement

21/08/2024 07:00

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RNS Number : 1676B  Rosslyn Data Technologies PLC  21 August 2024

21 August 2024

 

Rosslyn Data Technologies plc

("Rosslyn" or the "Company")

 

Major New Client Win

Rosslyn appointed by Top 10 global technology company

Initial contract worth minimum of £2 million over three years

 

Rosslyn (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.

 

The 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.

 

The 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.

 

Paul Watts, CEO of Rosslyn, said: "This is a fantastic new customer win for
Rosslyn, and a contract of substantial commercial value and transformational
impact with significant growth potential. To be appointed by an organisation
of this magnitude is a huge endorsement of our offering. It is also an
important validation of our AI strategy, which was a key factor in determining
the outcome of the competitive tender process - and which is further
demonstrated by the Customer engaging in, and funding, a co-innovation
partnership with us. As expected with a customer of this calibre, it has been
a complex and lengthy appointment process to which we have dedicated
significant resources. As a result, we have established extremely strong
foundations for our relationship with them and look forward to building on
this and expanding our partnership to further opportunities in the future."

 

This announcement contains inside information.

 

Enquiries

 

 Rosslyn
 Paul Watts, Chief Executive Officer                                                     +44 (0)20 3285 8008

 James Appleby, Chairman

 Cavendish Capital Markets Limited (Nominated adviser and Broker)
 Stephen Keys/Camilla Hume/George Lawson                                                 +44 (0)20 7220 0500

 Gracechurch Group (Financial PR)
 Claire Norbury/Anysia Virdi                                                             +44 (0)20 4582 3500

 

About Rosslyn

 

Rosslyn (AIM: RDT) provides an award-winning spend intelligence and predictive
analytics platform. The Rosslyn Platform helps organizations with diverse
supply chains mitigate risk and make informed strategic decisions. It
leverages automated workflows, artificial intelligence and machine learning to
extract and consolidate procurement data providing visibility of complex
supplier data, enabling supplier spend savings and delivering rapid ROI. For
more information visit www.rosslyn.ai (http://www.rosslyn.ai) . Investors
wishing to contact the Company should email investors@rosslyn.ai.

 

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