The majority of the contract value will be payable within the next 12 months, underpinning results for 2008, and is additional to the contract announced in February 2008, which instigated the work.
Focus said that it continues to be involved in the development and rollout of phase one of this comprehensive system to support HSBC’s distribution channels for life, pensions and investment products, which will complete throughout the UK later in 2008.
Richard Stevenson, chief executive of Focus Solutions, said: HSBC is a very important customer for us and we are very proud of the trust they have shown in us – it is a strong endorsement of our ability to provide sales automation solutions to leading financial services institutions. This new contract will underpin market expectations for 2008 and provides strong endorsement for our marketing and sales to the bancassurance sector.
Helen Roberts, business program manager at HSBC, said: We are delighted to be extending our relationship with Focus to include this key project. This contract marks a significant step in the major development program for phase two. Focus has already made considerable progress on phase one, which is now nearing completion and is already in use in selected areas of the UK, and we look forward to realizing the business benefits.