Eckoh signs up record £45m data deals haul by end of January

And with two months to go before the financial year-end the company has already outstripped the highest ever order intake for a single year with record total contracted business of £45m so far. Around £18m of that is new business.

AIM-quoted Eckoh is a global provider of customer engagement data security solutions and is anchored in Hemel Hempstead. 

As outlined in the interim results announcement last November the closure of several sizeable enterprise deals where Eckoh was the chosen supplier had shifted into H2. A number of these contracts have now been signed. This has led to £12m of new contracted business signed to date in H2, of which £9.9m ($12.3m) is in North America. 

Once these new contracts are implemented during the first half of the new financial year, this will lead to a meaningful uplift in exit ARR at September 30, 2024. 

The new North American enterprise wins include:-

• A 5-year contract with a US travel technology company that has multiple global on-line brands in its portfolio;
• A 5-year healthcare contract with a leading US homecare business;
• A 3-year contract with one of the largest paediatric organisations in the US; and
• A 3-year contract with a Fortune 500 office supplies retailer.

These contracts are for multiple products and are cloud-delivered solutions.

The new UK wins include a three-year contract with a large UK-based media & telecoms provider for voice and chat security worth £2.3m (of which £0.8m is a renewal of an existing service that has migrated to the cloud).

In H2 there have also been some notable contract renewals; these include a 3-year renewal with one of the largest North American insurance groups, which will see its service migrate to the cloud.

Eckoh has also renewed for five years with one of the largest global cruise operators that is a longstanding client, which again involves a cloud migration.

CEO Nik Philpot said: “At our interim results we highlighted that we had achieved a record level of total contracted business mainly due to several excellent long-term renewals, but that in the second half we expected this record level to be driven more by new contracted business.

“It is pleasing to see the new business coming through as we anticipated, and this activity, alongside the strong level of contract renewals in the year to date, underpin our growth expectations for the next financial year.

“We have other exciting new business opportunities that remain well progressed and the Board is hopeful that further contracts will close before the end of our financial year in 31 March 2024.

“We are seeing excellent strategic progress with the record levels of contract wins, increased levels of cross-selling and upselling and continued growth in the proportion of cloud-delivered revenue.

“We are confident that Eckoh is well placed to consolidate our market leading position by assisting enterprises with the significant challenges that they are facing globally to keep their customers' data and engagement secure.”