Trading Update and Product Update
News & Insights
4 Apr 2022
News & Insights
4 Apr 2022
Integration of Syntec, new multi-cloud platform and significant product enhancements.
- Integration of Syntec progressing well and trading in line for FY22
- New multi-cloud platform launched with Fortune 100 retailer
- Significant product enhancements to customer engagement security suite
Eckoh, the global provider of customer engagement security solutions, is pleased to announce that the integration of Syntec, the payments solutions provider acquired for £31m in December 2021, is progressing well. Syntec's contribution to revenue and profits in the three months since acquisition are expected to be consistent with management's projections at the time of the transaction, and the initial steps towards realization of market, product portfolio and cost synergies are proceeding on plan.
The Group expects results for the year ended 31 March 2022 to be in line with consensus market expectations* and will provide more detail in its pre-close trading update in early May 2022.
Eckoh has started the new financial year by announcing significant enhancements to its customer engagement security portfolio to assist organizations in protecting their customers' payment and personal data in more efficient and diverse ways.
These developments support Eckoh's strategic goals to capitalize on the structural developments in the global market and to use cloud technologies to develop and enhance our proprietary solutions whilst maintaining a market-leading position for customer engagement data and payment security.
Cloud Platform extended into Azure
As announced in our full-year results in June 2021 we have been investing in extending our cloud platforms and security capabilities. To date we have deployed our global cloud solutions exclusively on Amazon Web Services ("AWS"), however, it has always been our intention not to be single-threaded. To that end we have just launched a new platform in Microsoft Azure that will enable us to provide the same customer engagement security portfolio as we do in AWS, thereby giving our customers a choice of cloud provider, which is a sensitive decision for many enterprises. This new offering will see Eckoh as the only provider in our sector to have multiple cloud options.
* Eckoh believes that consensus market expectations for the year ending 31 March 2022 are currently revenue of £32.1 million and Adjusted Operating profit of £4.9 million.
Our first customer to be deployed on the new Azure platform is a US-headquartered retailer in the Fortune 100 who is expected to go live in the coming weeks. This is a new 3-year contract that is also expected to extend into other geographies and other Eckoh security propositions during this year.
Live Chat and ChatGuard
Eckoh's Live Chat product is used by large enterprises that need the most versatile customizations and integrations that off-the-shelf Chat products cannot provide, with the ability to scale to support the largest and most demanding requirements.
With a new redesigned interface based on extensive client feedback, agents and customers can now enjoy an even slicker and more convenient experience that is fully cloud-hosted, allowing for sudden and significant fluctuations in demand. And with Eckoh's unique and patented product ChatGuard built-in as standard, organizations can take fast in-chat payments with the reassurance of full PCI DSS compliance, the only chat service to offer this capability. This updated version of the product is available from April globally and is expected to add significant value to the consumer proposition.
CallGuard Express is designed to make compliance and security straightforward for any business. It offers companies of any size the same security functionality and credentials of CallGuard, but without the customization and managed service that larger companies often require. This enables Express to be quick to deploy, simple to use and with a lower-cost entry point. As well as standalone businesses this new proposition is also available to resellers through a partner program, enabling them to switch on new clients within days and with no integration required.
In response to the increasingly rigorous Payment Card Industry Data Security Standards ("PCI DSS"), Eckoh has developed an on-demand option for organizations that may have low or variable volumes of payments, but still require the reassurance of full compliance. This enhancement gives the contact center agent the ability to invoke CallGuard only when a payment is taken, rather than all calls needing to traverse through the system.
Pay by Link
Blending digital security with live person interaction, Eckoh's Pay by Link can be extended to any customer engagement channel. Organizations that want an omnichannel method of taking payments can now provide their customers with a secure payment link that offers traditional card payment or popular alternative payment methods like PayPal, ApplePay or GooglePay. Pay by Link is now available globally through Eckoh's multi-cloud platforms, the latest addition to the broadening security product range that is facilitating greater opportunities for cross-selling into Eckoh's extensive client base.
Speech technology expansion
Eckoh has a long and successful history of speech-based applications and is leveraging that knowledge with enabling even more languages for the speech option in our security solutions. A new 5-year contract, which was a significant cross-sell into a Syntec account, will see 18 different languages being implemented across the global estate of an international travel business.
Nik Philpot, Chief Executive Officer at Eckoh, said:
"I am pleased to announce that Eckoh expects results to be in line with consensus market expectations and we are making good progress with integrating Syntec, our transformational Secure Payments acquisition.
"Eckoh is always looking for new ways to make the payment experience for customers and contact centers quicker and more satisfying, but without compromising security. At a time when card-not-present payment fraud is accelerating and many agents are now permanently working from home, tighter security is necessary for any business that needs its agents to take payments without risk.
"Our long history of working alongside leading organizations from different industries has taught us that one size does not always fit all, and our decision to deploy and offer an alternative cloud platform is a perfect example of that flexibility. We have succeeded in producing market-leading payment security products that are flexible, easy to use, adaptable across any customer contact channel, and compliant with the highest security standards. Our latest enhancements and additions provide organizations with even more comprehensive options, and ensure that Eckoh's portfolio remains best in class."
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