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AFA Systems Announces Another Contract Win

AFA Systems plc, the Techmark listed provider of software to the global financial markets, is pleased to announce that it has been awarded a further contract to provide Musketeer, its treasury and risk management software product, to the Industrial Bank of Kuwait, with a value of approximately $750,000. Under the terms of the contract, AFA Systems will receive a combination of an initial licence fee, implementation payments and recurring licence fees. It is anticipated that $500,000 will be taken as revenue in the current year.

This contract represents a key development for AFA Systems in the large Middle Eastern market and also represents the first win resulting from the distribution agreement with ITS announced in AFA Systems’ preliminary results in March.

Mike Hart, Chairman and Chief Executive of AFA Systems plc, commenting on the win said:

"This order demonstrates not only the quality of the Musketeer product but also the benefits of selecting ITS as our third party distribution partner in the Middle East."

"Our pipeline of sales opportunities is at its strongest ever and we hope to complement today's success with further major contract win announcements as appropriate."