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(Sharecast News) - Enterprise spend intelligence specialist Rosslyn Data Technologies announced on Friday that it has formed a significant partnership with a top-five global consulting firm.
The AIM-traded company said the partnership had already delivered results, with Rosslyn securing a contract valued at over £0.1m in annual recurring revenue and a combined contract value of £0.52m over three years from the consulting partner and its client.
Under the agreement, Rosslyn said it would establish a centre of excellence within the US-based entity of the unnamed consulting firm, in a bid to enhance the partner's ability to leverage Rosslyn's spend intelligence platform.
The consulting firm, which it described as a global leader in procurement operations consulting, reportedly intended to recommend Rosslyn as its preferred supplier, creating significant growth opportunities.
Rosslyn said it was selected by the consulting partner after a competitive process to replace its in-house system with an enterprise-grade solution.
The initial project would focus on providing spend visibility for over $5bn in annual expenditures across 17,500 suppliers.
It said the three-month initiative would embed Rosslyn's platform within the consulting partner's operations in North America, and lay the groundwork for a joint go-to-market strategy.
The partnership had already yielded Rosslyn's first customer through the collaboration - an unnamed major manufacturer of roofing and waterproofing solutions operating across 40 countries.
It said the customer was part of a global industrial conglomerate with over 20,000 employees and operations in more than 80 countries.
Rosslyn said it expected the contracts to contribute about £0.19m in revenue during the current financial year.
"We are delighted to have established a partnership with this leading consulting firm, which represents a key milestone in our partner-led go-to-market approach and sizable new channel to market," said chief executive officer Paul Watts.
"The strength of the consulting partner's commitment to Rosslyn's solution is demonstrated by them funding a project to enable them to best utilise and present our platform to customers, particularly as this is the culmination of us having worked closely with many of their senior level employees in the US and the UK over the past year.
"We look forward to establishing a centre of excellence in the consulting partner's US operations, from which we expect to expand to other geographies, and to working together to deliver valuable spend intelligence for global corporations."
At 1447 GMT, shares in Rosslyn Data Technologies were up 8.24% at 5.09p.
Reporting by Josh White for Sharecast.com.
