SLMsoft wins $2.2 million e-banking contract at Riyad Bank
SLMsoft, a Canadian provider of e-financial solutions, announced a $2.2 million software license contract with Riyad Bank of Saudi Arabia to provide transaction switching and credit card processing services for one of the kingdom's largest banks.
"This transaction was made in conjunction with Mohammed Mansour Al-Rumaih EST, our exclusive distributor in Saudi Arabia," said Govin Misir, SLMsoft chairman and CEO. Under the terms of the agreement, SLMsoft will provide the Bank with its card management solution (CMS) and transaction management solution (FTS), both supported by the company's JAVA-based MCF architecture.
In return, SLMsoft will receive $2.2 million in software license fees, customization work and maintenance revenue. License and customization revenue is expected to be recognized in 2002 and 2003, while SLMsoft and the Bank have entered into a five-year maintenance agreement, renewable in 2007.
Founded in 1986, SLMsoft is a leading developer of electronic payment systems and transaction processing solutions, including e-commerce applications with a focus on the financial services industry. — (menareport.com)
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