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SmartSpace Software Plc Contract Win with Leading International Bank

Commenting on the announcement, Frank Beechinor, CEO of SmartSpace said: “We are pleased to be announcing a further new major contract. Our technical and operational team has been working with this leading international bank’s in-house CRE team over the last few months, which has successfully culminated in now being able to announce this significant contract to the market. This contract is significant due to the ambitious roll-out plan to deliver the on-premise platform solution in 2019 and also due to the commitment of this client to work with SmartSpace for a minimum of five years. We are confident that the fully integrated workspace solutions platform we will be implementing will have a major impact on the bank’s operational efficiency and will, if fully deployed across all the bank’s locations, offer a significant overall improvement of its employees’ experience. We look forward to building a successful and long-term relationship with one of the world’s leading international banks.”

SmartSpace Software Plc, (LON:SMRT), the leading provider of ‘Workspace Management Software’ for smart buildings, commercial spaces and hospitality, today announced that it has won a contract with a leading international bank. The contract involves an on-premise platform solution of SmartSpace’s integrated workspace management software that is capable of being deployed across the client’s entire global corporate real estate portfolio, covering more than 60 markets and specific application services. The application services as part of this initial agreement include desks and mobile users in one location, together with meeting rooms which cover a greater number of the client’s locations.

Contract Highlights:

· The initial engagement includes a five-year license for the Workspace Management Software Applications and platform, with professional services enabling deployment and configuration of the on-premise solution

· This deployment will consist of fully integrating a native mobile application with meeting rooms, desk management and space visualisation & analytics

· The five -year contract includes the option to expand the engagement to introduce additional services across the client’s operations on country by country basis, subject to the client’s requirements

· The license value of the contract is expected to be recognised in the current financial year in accordance with accounting standards subject to meeting the contract’s obligations

· This platform, including the initial application services, will start to be delivered within the current financial year with the services expected to be ‘live’ by July 2019

Background to the Contract

SmartSpace and the international bank have worked together over the last few months to create a software solution which is specified to the bank’s specific requirements. With 86,000 employees across more than 60 markets and a portfolio of close to 2,000 meeting rooms across its office and branch estates, the bank is committed to greatly improving its ‘Employee Experience’ as part of its global Workplace strategy. Thus, with the smart software know-how to be provided by SmartSpace, the bank is investing in a cutting-edge workspace management software system, to be able to have the potential capability to provide a truly smart solution for its employees.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.