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UPDATE - Rosslyn Data Technologies lands deal with Fortune 500 company

Last updated: 10:24 05 Aug 2015 BST, First published: 12:01 05 Aug 2015 BST

Big-data
Big Data: Rosslyn's cloud-based system makes it easier to sift masses of information.

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Shares in Rosslyn Data Technologies (LON:RDT) rose almost 10% after it revealed it had won a contract with an unnamed Fortune 500 company that will replace its own analytics platform with Rosslyn’s RAPid Cloud-based system.

There will be four separate “deployments” of the application, although the AIM-listed group reckons there is scope to expand the co-operation.

Rosslyn’s chief executive Charles Clarke called the deal an “excellent step forward” as it was revealed the firm making “good progress” landing other new clients.

Among them are two FTSE 100 companies and one in the FTSE 250. Together they have a combined contract value of £300,000 with “good potential upside”.

Speaking about the agreement with the Fortune 500 company, Clarke told investors: “Our partner's decision to switch from an existing platform, that is so vital to their operations and service delivery, is a credible achievement for Rosslyn and is a significant step towards demonstrating the scalability and broad applicability of our platform and the technologies that our team has developed. 

“It further evidences that Cloud analytics is moving from the peripheral to the centre ground where we will increasingly compete for large projects which were once the protected domain of the traditional on-premise players. Rosslyn is well placed to play a significant part in this shift in technology adoption and establish RAPid platform as a mainstream enterprise analytics platform."

The shares rose 9.55% in early trade to change hands for 12.32p each.

Even after that rise, the company, with a market capitalisation of £9.1mln, is still valued at more than 60% discount to the UK software sector.

Broker Cenkos told investors: "This is a benchmark deal for Rosslyn and is indicative of the shape of further new business to come, in our opinion.”

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