Focus Solutions rockets on £10m deal

4th Oct 2010 11:23

Focus Solutions Group has won its biggest deal yet for the firm's focus:360° software that allows companies, mainly the big banks, to provide financial services.AIM-listed Focus will pocket about £10m from the contract with a "major bank" - £6.5m in licence fees, around £2.5m in implementation services and an extra £1m a year in support and maintenance. There could be another £10m over the next five years thanks to annual support and maintenance fees, transaction fees, and additional implementation services. It's said the latest contract win is not with HSBC or one of the government-backed institutions, Lloyds and Royal Bank of Scotland.Focus has weathered the financial crisis pretty well, bagging deals with key client HSBC, which have supported the share price.Today's rally, 50% at one stage, took the company's value up to levels not seen since the dot-com boom turned to bust in 2002."The bank has selected focus:360° multi-channel distribution to provide a single platform to support every customer engagement for financial advice made through the Bank's branches, call centres and on the internet," according to a statement Monday. "The solution will support over 1,000 advisers and administrators, as well as providing a 'direct to consumer' channel for 5 million account holders."