Mondas, the AIM-listed securities software firm, says it has secured a significant order to supply its corporate actions Radica CAPS software solution to J.M. Finn & Co, an independent stockbroking partnerships in the UK.
The initial contract has a minimum value of 300,000, most of which is receivable within the current financial year and relates to a six year software license and associated professional services. The remaining revenue will be from support fees over the period.
J.M. Finn & Co, which manages approximately 2.5 billion of funds on behalf of its clients, has offices in London, Bristol and Leeds, providing private clients, intermediaries, charities and institutional investors with services tailored to their needs.
Mondas says Radica CAPS 4 will provide JM Finn & Co with a fully automated end-to-end corporate actions processing system, for both equities and fixed income events. The system will create a “golden record” from the Event Capture and Data Scrubbing modules. Entitlement Calculation, Position Management, Notifications and Outcome production are all included in the roll-out of the system. JM Finn & Co. will also deploy Radica EMP as a web based election management portal for use by its front office decision makers.
“I am delighted that after a rigorous selection process, J.M. Finn & Co. selected Mondas for this very important project,” said Jarlath McGee, Chief Executive of Mondas. “Our recent release of Radica CAPS 4 takes Mondas again to the forefront of the offerings in this growth market and we look forward to adding J. M. Finn & Co. to our increasing list of satisfied live clients.”
Steven Sussman, Managing Partner of J. M. Finn & Co., added that automating corporate actions processing was “critical” to the company’s growth plans. “Radica CAPS will allow such growth and will also, through the use of the web-based election portal, enable our fund managers to provide a much better service to our clients,” he says.