The decision to select IT&eâs PTX product was made by the bank after an extensive international evaluation of a number of companies and their products. The selection of IT&e now positions PTX as the primary online trading solution for two of Australiaâs four major banks.
The contract value to IT&e is approximately $3.2m in the first year with a continuing maintenance fee in following years of approximately $480,000 per annum. The contract has been designed to allow the bank to take up additional modules as the business identifies further opportunities to more broadly deploy the PTX product.
This significant assignment is a major win for IT&e and further positions PTX as a leading edge product in the online trading marketplace.
Product Sale Opportunities
IT&e is currently responding to Requests For Proposals (RFPs) from two major Asian banks and two European financial institutions. RFPâs are a standard form by which banks evaluate competing products and are normally the last stage in the selection process. Typically, only a few select vendors are invited to submit RFPs. They provide IT&e with highly defined opportunities to secure major contacts for RazorTM product licenses and risk management services against a final shortlist of competing
In addition to the above RFPs, the Company is actively pursuing several
opportunities within the Australian market for the Market Risk module of its Razor Risk Management System.
Importantly, the previously announced sale of Razor to HSBC in London has
generated an encouraging level of interest in Razor from other European based
banks and IT&e is actively engaged with those banks.
In addition to the PTX sale announced above, IT&e and Misys have submitted a joint response to an RFI (Request for Information, which is typically a precursor to an RFP) from an Asian bank. The previously announced Misys MOU has been extended to September 2005 as part of that process.
Several other Asian banks are also actively considering PTX as a replacement system for their existing FX online dealing applications from other vendors.
IT&e has commenced the process of marketing PTX throughout the US and Europe
into the existing installed base of Monarque user banks.
The existing MonarqueÂ® business, as acquired recently from Treasury Management
Systems of New York, is running according to strategy and producing a positive
contribution. The TMS team has been fully integrated within IT&e and is engaged in expanding existing and new business through the product portfolio offered by IT&e.
IT&e has recently engaged in two RFI responses and has commenced the process of
marketing Monarque into its existing customer base and has identified several new product sales opportunities in the process, although these are at an early stage.
Australian Services Business
IT&eâs Technology Services Business has successfully implemented a multimillion
dollar customized development with a hand over to in house support teams for a
major Australian Bank in the last 12 months. This high transaction web based
capability positions IT&e for further work within this space.
The Technology Services Business provides Technology and Risk Consulting in the
Capital Markets and Risk Management areas within the Banking and Finance sector.
IT&eâs client base is now diversified across the four Major Banks, with a further focus on the next tier.
Specializing in the Risk Management Systems, Market and Credit Risk, our
Consulting Team is well positioned for growth with Basel II and tighter regulatory requirements creating a demand for skilled and experienced consultants. IT&e Risk Consulting has successfully engaged and established itself in the financial services industry in Australia. The concentrated emphasis over the last six months to specialize in these markets has now generated long-term services engagements across the finance industry.