Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent, is pleased to announce it has been awarded a significant commission from an existing major global financial services client to develop and enhance Ten’s proprietary digital platform used by the client’s valued customers.
In this addition to the existing contract, Ten will be paid to develop new features that are expected to increase customer engagement, the number of active users and related revenues. These include the integration of the client’s own assets into the existing asset-rich digital platform environment to enhance the overall proposition to the customer base.
The fee for this project is expected to grow the existing Extra Large1 contract by the equivalent of a Medium contract over the next 12 months and may be renewed over the following years.
This addition to the existing contract is incorporated within the Group’s existing growth plan.
Alex Cheatle, CEO of Ten Lifestyle Group, said:
“Ten’s member-facing digital platform is now live with 27 brands, over 100 countries, in 17 languages and has become a powerful tool for our corporate clients to increase customer acquisition, retention and engagement.
This paid-for project is a powerful example of how our corporate clients can be willing to invest into our technology platform to help their customer metrics and it signifies another vote of confidence in our technology and helps confirm Ten as a trusted technology partner”.
1 Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.