Member Article

Wetherby’s PROACTIS signs $2 million agreement with US bank corporation

Wetherby-based PROACTIS, a spend control and eProcurement solution provider, announces today that it has signed a landmark agreement with Fifth Third Bank, one of the top 15 US regional banking corporations.

The agreement has the potential to generate revenue in excess of $2 million over its five year term and based on the revenue that it expects to generate during the financial year ending 31 July 2015.

The board of PROACTIS now expects that the Group’s revenues and profits will exceed current market expectations for that period.

The agreement commits Fifth Third to an element of PROACTIS’ end-to-end Spend Control and eProcurement solution designed to assist Fifth Third in delivering its profit improvement initiatives through the bringing more of Fifth Third’s expenditure on contract and under control and by consolidation of supply wherever possible. The agreement is subject to a termination for convenience option in favour of Fifth Third.

Fifth Third Bank is headquartered in Cincinnati, Ohio. At 31 March 2014, Fifth Third had $130 billion in assets and operated 17 affiliates with 1,309 full-service Banking Centers and 2,616 Jeanie® ATMs across 12 states throughout the Mid-western and South-eastern regions of the US.

Rod Jones, PROACTIS’ CEO, commented: “We are delighted to have signed this deal which represented a milestone in the Company’s US growth.

“We have a great solution which we believe can help Fifth Third realise its investment in a very short space of time.

“Our client focussed approach and our geographic reach means we can serve Fifth Third exceptionally well and I am looking forward to broadening the relationship in the fullness of time.”

This was posted in Bdaily's Members' News section by Clare Burnett .