Lombard Risk Management has signed a contract with a Continental European bank for its collateral management software product Colline.
Lombard Risk said that it has licensed Colline to a top tier Continental European bank with active operations in London, New York, Singapore and Tokyo.
According to Lombard Risk, the contract, which is expected to generate revenues of more than GBP1m in the first year and contribute to future years, is of strategic importance to Lombard Risk as it represents a decisive breakthrough for the Colline product into the highest league of the banking market.
Lombard Risk also said that its technical innovations in Colline allow scalability and resilience. The selection process proved the ability to handle very large trade and collateral agreement volumes and straight-through processing quickly, noted Lombard Risk. Such factors were key in obtaining this deal, as was the fact that Colline was a fully web-based product, added Lombard Risk.
John Wisbey, chairman and CEO of Lombard Risk, said: This is a truly tipping point deal for our Colline product which was won in fierce competition with the leading players in this industry in an evaluation process which took several months. The deal reinforces our position in the collateral management market which is so important to banks in managing their counterparty risk and optimizing their capital utilization.
