Boardwalktech Software Corp. (“Boardwalktech”) (TSXV: BWLK) (OTCQB: BWLKF), the leading Intelligent Information Platform company, announced today that it continues expansion in one of its banking customers who is a top 5 US Bank. Boardwalktech reached an important milestone at the end of January 2025 in the delivery of its Velocity product, increasing annual recurring revenue and expanding professional services agreements with multiple partners through 2025 which will deliver over $300,000 of incremental revenue to Boardwalktech from this engagement, which represents a doubling to comparable levels last year for the Company. This joint professional services work is also critical to the projected contractual increase in annual recurring revenue when the bank renews its license in April.
Banks continue to face mounting regulatory pressure to mitigate and improve the risks associated with end-user computing applications (EUCs). Many of these EUCs are developed and managed using Microsoft Excel, which has become an integral part of how banks manage and report on many areas of their business. Boardwalktech’s innovative Velocity solution empowers banks and insurance companies to effortlessly achieve their regulatory and compliance objectives through the seamless migration and transformation of Excel-based EUCs to IT controlled and managed business applications, setting new industry standards. Boardwalk Velocity rapidly delivers significant business process improvements, full compliance with regulatory standards and improved risk reduction allowing banks to understand, report and make more timely decisions improving overall results. All of this is done 15 times faster and more economically than our nearest competitor.
This issue of EUC transformation, which banks have historically avoided due to its extensive scope, reliance on exhaustive manual solutions, highly intricate nature, and overall cost to mitigate can no longer be ignored by relying on conventional brute-force solutions. In light of the evolving regulatory environment and risk management implications, EUC transformation and improving the risks associated with EUCs has evolved into a top priority in most banks.
“Our continued contract expansion within our Top 5 US bank client is a testament to the value that Boardwalktech’s Velocity and our people can deliver to major financial institutions. Currently, through both Boardwalktech employees and our very important delivery partners, we have over 50 dedicated people working to deliver the Velocity solution across the bank,” said Andrew T. Duncan, Chief Executive Officer of Boardwalktech. “Yet, it isn’t just the expansion within the current client that excites us. These partners, and other potential partners are seeing the documented value-add of the Velocity solution, and directly applying that learning towards other new opportunities. Thus, we fully expect to see other banks adopt the Velocity solution as we continue to outpace any competition with regard to speed of delivery, improvement of the risk management and transformation of these EUCs.”
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