Aptitude Software Group (LSE:APTD) has renewed Aptitude Accounting Hub (AAH) contracts with two of the largest banking groups in the UK and Ireland, worth a combined £6.5 million in total contract value.
The company, an AI-native finance ERP software provider, also confirmed that a leading UK telecommunications provider has gone live on Fynapse, its newer platform, following a 12-week implementation.
A UK bank, described as one of the country's largest and most complex retail and commercial banking groups with £19.4 billion in annual income, has renewed AAH for a further two years in a deal worth £3.75 million, using the platform across its retail banking, commercial banking and insurance businesses.
An Irish financial services group with €165 billion in total assets has renewed its AAH contract for three years in a deal worth £2.75 million, with the platform standardising accounting treatment across multiple products and source systems.
AAH provides the accounting layer between high-volume source systems and the general ledger inside both banks, and is now the first of Aptitude's existing products available within Fynapse, creating an opportunity for both clients to migrate their AAH capability onto the newer platform over time.
"These multi-year AAH renewals demonstrate the strength of those relationships and provide an opportunity for these clients to migrate onto Fynapse," said chief executive Alex Curran, adding that the company's installed base of around 100 high-value clients offers a similar migration opportunity.
The telecoms customer, the UK's largest mobile virtual network operator with £1.2 billion in annual revenue, first signed with Aptitude on 8 April and went live on Fynapse in September, replacing manual, offline processes that brought billing data into its subsidiary and group general ledgers with automation that Aptitude said cut tasks taking days down to seconds.
Aptitude said the fast rollout, against the two to three years typically involved in a traditional finance transformation, creates an opportunity to deploy Fynapse more widely across the telecoms group, with potential upside to annual recurring revenue beyond the initial contract.
The announcement follows Aptitude's half-year results to 30 June, in which Fynapse contributed £4.9 million of the group's £20.1 million AI Autonomous Finance ARR and carried £14.2 million of contracted future revenue from 1 July, as the company continues discussions with trade and private equity bidders over a potential cash offer for the whole group.