On 26 May, RS2 Software plc issued an Interim Directors’ Statement updating the market on its financial performance since the start of 2017.
The Company explained that it continued with its strategy of intensively growing its managed services business. In addition to the three major agreements concluded with one of the largest acquirers in Europe, a Latin American company and a Canadian company announced last January, RS2 has now also concluded letters of intent and is in an advanced stage of contract negotiations for delivery of managed services to clients in Argentina, Australia, UK and Portugal. Implementations of these new engagements is currently underway and completion is expected to occur by the end of this year. When completed, the number of live clients for the Group’s managed services business will multiply threefold and will consequently increase the recurring revenue from this business stream. Revenue from transaction services from these agreements is expected to start materialising in the later part of 2017.
RS2 also made reference to the recent appointment of Mr Patrick Clarke as the Company’s new Chief Technology Officer. Mr Clarke brings with him extensive knowledge and expertise of the payments industry having co-founded and lead OmniPay (a First Data company), a global acquirer processing company, as its CEO.