Shares in AIM-listed Business Control Solutions (BCS) Group have soared on news that Deutsche Bank has signed a global licensing agreement for its operational control software.
BCS Group was formed by the merger of City software house B2B Systems and consultancy Buttonwood Tree. The firm floated on the UK AIM market via a reverse takeover of Honeysuckle Group in June.
The company's shares jumped 15.63% in morning trading to 9.25 pence after it said that Deutsche Bank had signed a contract "of a material size" for its operational control architecture (OCA) - a suite of modules which provide an integrated internal control framework covering the certification process, incident management, balance sheet integrity, KPI's and KRI's, audit points and regulatory requirements.
BCS says its OCA suite can also be embedded into a bank's normal business lines.
Martin Preen, COO, BCS Group, says the contract provides further evidence of the importance that financial institutions now attach to developing a strategic control platform in response to ever-increasing regulatory demands in the sector.
"It is especially good to see the growing acceptance that placing control within the line functions is the way to go forward," he adds.