ActiveOps Plc

UK bank signs contract for CaseworkiQ

Successful land and expand strategy accelerates footprint for newly launched offering

ActiveOps plc (AIM: AOM), a leading provider of Management Process Automation (MPA) software for running complex and global back-offices, is pleased to announce the continued success of its recently-launched CaseworkiQ offering, securing a contract worth approximately £0.6m in incremental Annual Recurring Revenue (ARR) with a leading UK bank, within the organisation’s financial crime function. The contract underpins the current growth expectations for the Group.

Launched in June 2022, CaseworkiQ is an innovative tool promoting smarter management of capacity in regulated environments, processing complex case-based workflows. These include Know Your Customer (KYC) and Anti-Money Laundering (“AML”) by banks, or complaints and claims processing for insurance companies. Research by LexisNexis has found that the cost of compliance continues to increase across all regions including the US and Europe, up 33% and 21% respectively in 2021. The research found that the pandemic had increased the time consumed per case, and that those institutions who had invested in financial crime technology experienced lower cost increases. Through the use of CaseworkiQ customers can optimise the performance of their existing teams and ensure that Service Level Agreements (“SLAs”) continue to be met.

The UK high street bank has been an ActiveOps customer since 2016, deploying ActiveOps’ ControliQ to provide increased management control across its back office operations. ActiveOps delivered significant performance improvements in initial deployments, replacing an existing in house system. Subsequently, usage of ControliQ expanded into multiple areas of the bank’s operations leading to ARR growth with the customer each year since FY17.

The bank has chosen to implement CaseworkiQ in order to successfully safeguard its stringent SLAs and ensure optimised performance from their teams, in the face of a growing number of complex AML cases. Following a successful initial roll-out, a new contract for CaseworkiQ has now been agreed, providing £0.6m in incremental ARR, with implementation currently ongoing.

ActiveOps CEO, Richard Jeffery commented:

“The launch of CaseworkiQ in June 2022 has allowed us to target high profile, regulated use cases and, as expected, has proven to be highly applicable across our existing customer base, with this contract demonstrating the scale of the upsell opportunity.

“We are delighted to continue to support this leading UK bank, in delivering excellence in their operations. Our CaseworkiQ pipeline for FY23 is strong and we are thrilled to see demand for this offering gain pace.”

Below is a short interview with CEO Richard Jeffery, who provides an outline of the business, the Group’s strategy with the business listing on AIM in early 2021