First contract secured with Chain IQ

22 August 2022

Rosslyn Data Technologies plc

(the "Company", "Rosslyn" or the "Group")

First contract secured through strategic partnership with Chain IQ

Rosslyn (AIM: RDT), the provider of a leading cloud-based enterprise data analytics platform, is pleased to announce that it has secured its first enterprise customer through a strategic partnership with Chain IQ Group AG ("Chain IQ"), a global leading independent indirect procurement service provider to a blue-chip client base.

Under the terms of the new five-year contract, Rosslyn will provide its proprietary procurement analytics platform to the international arm of a tier 1 Japanese bank (as first disclosed in the Company's trading update date 29 June 2022). The Board considers this contract to be strategically important to the Group and a validation of its strategy to focus on a partner-led approach.

Since forming the partnership last year, Chain IQ and Rosslyn have undertaken a number of successful proof-of-concepts with potential customers, with this new contract representing the first to transition to a full enterprise customer. Whilst this initial contract is of relatively small monetary value, the Group expects to be awarded further contracts through this partnership in due course. 

Chain IQ, which specialises in indirect procurement, provides strategic procurement services including full or partial procurement outsourcing. By partnering with Rosslyn, Chain IQ is able to quickly identify potential savings and efficiencies within a prospective customer's procurement spend and operations. The Rosslyn platform also supports the rapid execution of measures, following appointment by a customer, to drive spend reduction.

Paul Watts, CEO of Rosslyn, said:

"This deal highlights the value of our partnership with Chain IQ and endorses our strategic decision to focus on a partner-led go-to-market approach. This is our first enterprise customer acquired through this partnership and we are confident that more will follow in the near term. We are delighted to add another tier 1 customer to our client base and under a long-term contract. As a global financial institution, the customer has rigorous requirements, and, accordingly, this contract is a great validation of the scale, sophistication and resilience of the Rosslyn platform."

Marcel Stalder, Group CEO of Chain IQ, added:

"At Chain IQ, we provide for our clients a fully digitalized end to end indirect procurement process enabled by a combination of our best of breed technology partners and our own developments. Rosslyn provides smart insight, based on deep data visualisation and powerful analytics. This enables us to rapidly deliver savings for our clients as well as shining a light on data that allows us to make smart strategic decisions, that generate value far beyond cost reduction."

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About Rosslyn

Rosslyn (AIM: RDT) provides an award-winning spend analytics and predictive analytics platform. The Rosslyn Platform helps organizations with diverse supply chains mitigate risk and make informed strategic decisions. It leverages automated workflows, artificial intelligence and machine learning to extract and consolidate procurement data providing visibility of complex supplier data, enabling supplier spend savings and delivering rapid ROI. 

About Chain IQ

Chain IQ is a leading global independent indirect procurement service company providing strategic, tactical and operational procurement services for its clients. Chain IQ operates from 6 main centers and 14 offices around the world - headquartered in Switzerland with hubs in Zurich, New York, London, Singapore, Mumbai and Bucharest to service more than 49 countries (including Germany, Poland, China, Hong Kong, Japan and Australia) and over 60 clients. Chain IQ's growing team of 650+ experts is known for generating significant value via 3rd party spend management through volume bundling from its global clients, digitalization of procurement processes as well as achieving latest ESG standards.