PCI-PAL PLC (AIM: PCIP), the global provider of secure payment solutions, is pleased to announce that it has secured a minimum two-year contract to provide its PCI Pal Agent Assist solution to a major U.K. government agency. The contract includes an option for the Customer to extend for a further two years.
The contract, which was won following an extensive review of available competitive solutions in the market by the customer, has an Annual Contract Value ("ACV 1 ") of £565,500. The first year's licencing will be invoiced when agreed delivery milestones are met, which is expected to be in H1 FY21.
Commenting on the Contract, James Barham, Chief Executive Officer of PCI Pal, said:
"I am extremely pleased to announce this major new U.K. contract win with a large government agency. We have long had a strong commitment and presence in the U.K. government sector across local authorities, and now also with several major central government organisations. Reflecting that commitment, PCI Pal is a Crown Commercial Services Certified Supplier, with our core products available to be procured through the G-Cloud Framework.
This latest win is a further endorsement of the demand from enterprise-size customers for our market-leading cloud services. It also gives us another significant boost in building our key leading indicator metric of TACV2 and to our steady progress towards reaching future profitability and positive cashflow."
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 .
1 ACV is the contracted annual recurring licence revenue component of the contract
2 TACV is the total annual recurring revenue of all signed contracts, whether invoiced and included in deferred revenue or s till to be deployed and/or not yet invoiced
For further information, please contact:
Via Walbrook PR
James Barham - Chief Executive Officer
William Good - Chief Financial Officer
finnCap (Nominated Adviser and Broker)
+44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate Finance)
Richard Chambers (Corporate Broking)
+44 (0) 20 7933 8780
Tom Cooper/Paul Vann
+44 (0) 797 122 1972
About PCI Pal:
PCI Pal is a provider of secure payment solutions for contact centres and businesses taking Cardholder Not Present (CNP) payments. PCI Pal's globally accessible cloud platform empowers organisations to take payments securely without bringing their environments into scope of PCI DSS and other card payment data security rules and regulations.
With the entire product portfolio served from PCI Pal's cloud environment, integrations with existing telephony, payment, and desktop environments are light-touch, ensuring no degradation of service while achieving security and compliance.