25 May 2012

Vipera secures Thai bank deal

21/06/2011 Miles Nolan

Mobile banking specialist Vipera (VIP) has won a contract with a leading retail bank via TN Information Systems, its distributor and systems integrator in the country.

It is the first deal that has been signed since agreeing the distribution deal in November, and is expected to generate revenue in the current year. By using its services customers will be able to access their bank account details via a mobile platform, thereby allowing them to transfer funds internationally and make credit card/utility bill payments.

Last year Vipera was effectively reversed into shell company Ricmore Capital. Founded in 2005 its core technology is based in Zurich with additional development in Ukraine. The core business is the provision of financial services and solutions to companies using mobile technology.

It has built a strong presence in the Middle East, driven by contracts with Qatar National Bank, Mashreq Bank in UAE and First Gulf Bank in Abu Dhabi. The deal in Thailand is part of its plans to move into the Far East and closer to home it has a business pipeline in the the UK and Europe, in particular Italy.

Vipera secured £1 million by way of a placing at 8.5p a share in November, the price has since soared to 25p - valuing the AIM counter at a chunky £32.5m. House broker Daniel Stewart predicts a 2011 loss of £400,000 on sales of £1.5 million, rising to a pre-tax profit of £1.5 million and sales of £4.4 million next year. Vipera trades in an attractive sweet spot, but the current valuation clearly factors this in.

Tags: AIM market, Mobile banking solutions, Penny shares, Thailand

Sector: Software & Computer Services

Companies: Vipera

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