Second UK Alfa Start contract win

23 November 2020

Alfa Financial Software Holdings PLC

Second UK Alfa Start contract win and Alfa Cloud Hosting go-live

Alfa Financial Software Holdings PLC ("Alfa" or the "Company"), a leading developer of mission-critical software for the asset finance industry, is pleased to announce a new contract win to deliver an Alfa Start implementation for a second UK Equipment Finance Company. 

Signing of the contract marks the full commitment from the customer to the project with assessment work having been carried out under letters of engagement.  This is our second Alfa Start project in the UK, having successfully gone live with Hampshire Trust Bank earlier this year.  This, combined with our first Alfa Start for US Auto go-live last month, demonstrates the growing interest in the market for this solution which enables customers to go live with proven software quickly.

We are also pleased to report that the Alfa Cloud Hosting win that we announced in May with a leading provider of auto finance solutions has now moved into live production.

Andrew Denton, Chief Executive Officer of Alfa, said:

 "We are delighted to have signed our second contract with a UK Alfa Start customer.  Whilst it is small in comparison to many of our other customers by size of contract, this win helps to underpin our expectations for 2020 and 2021 and further demonstrates our strategic progress with the Alfa Start product.  The Alfa Start product enables an accelerated go-live facilitated by out-of-the-box configurations and operating within the Alfa Cloud hosted environment.  Our fast growing Alfa Cloud Hosting solution is always-on with fully managed infrastructure and regular upgrades.

"The go-live for a leading auto finance solutions provider is at the other end of the spectrum in terms of scale and underscores the strength of Alfa's rich hosted offering for organisations of all sizes as well as the business potential of Cloud deployments going forward.

"We are pleased with the progress we have made with all of our strategic accelerators this year: Alfa Start, Alfa Cloud Hosting, partnerships, and technological leadership through the release of Alfa 5.6 as well as our entry into the artificial intelligence market with Alfa iQ.  Overall we remain on track for our increased financial expectations for the full year."

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Notes to Editors

Alfa has been delivering software systems and consultancy services to the global asset and automotive finance industry since 1990.  Our best practice methodologies and specialised knowledge of asset finance facilitates delivery of large software implementations and highly complex business change projects.  With an excellent delivery track record spanning three decades, Alfa's experience and performance is unrivalled in the industry.

Alfa Systems, our class-leading technology platform, is at the heart of some of the world's largest asset finance companies. Key to the business case for each implementation is Alfa Systems' ability to replace multiple customer systems with our single platform. Alfa Systems supports both retail and corporate business for auto, equipment, wholesale and dealer finance on a multijurisdictional basis, including leases/loans, originations and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, Alfa Systems provides compelling solutions to asset finance companies.

Alfa Systems is currently used by customers or has live implementations in 26 countries and Alfa has offices in Europe, Australasia and North America.  For more information, visit www.alfasystems.com.