Aptitude Software wins expanded contract with global insurer

1st Jul 2024 08:39

(Sharecast News) - Finance software specialist Aptitude Software Group announced a significant contract win for its Fynapse platform on Monday, with an unnamed major global insurer that is an existing client of the Aptitude Accounting Hub.

The London-listed company said the three-year expansion contract, valued at over £4m, would incorporate both the Fynapse Finance Data Management platform and the Aptitude Accounting Hub, adding to its annual recurring revenue (ARR).

It said the contract would generate an additional £0.4m annually, contributing to a total software contract value exceeding £4m over the three years.

The client, a leading global insurer with operations in more than 50 countries, reportedly chose Fynapse for its ability to support autonomous finance through a modular, rapid, and flexible implementation approach, avoiding a complex and costly "big bang" implementation.

"We are delighted to continue our work with this client, supporting their autonomous finance journey with our next-generation Fynapse platform," said chief executive officer Alex Curran.

"The selection by a leading global insurer underscores the demand for an alternative approach to finance transformation and showcases the platform's appeal to a top-tier financial services organisation."

At 0800 BST, shares in Aptitude Software Group were up 2.19% at 378.11p.

Reporting by Josh White for Sharecast.com.