Enterprise-wide program to improve information management, compliance, and business processes
CUPERTINO, Calif., March 31, 2022 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) Boardwalktech Software Corp ("Boardwalktech" or the "Company"), the leading Digital Ledger low-code application platform and enterprise software applications company, is pleased to announce it has signed a long-term contract with one of the world's largest banking and financial services companies based in New York. The Client plans to deploy the Boardwalk Velocity product across its global enterprise with a focus on compliance, risk, data management, and business process improvement. Net proceeds from this contract are expected to exceed US$4 million over the first three years (subject to a standard acceptance period) and should increase in subsequent years as this platform is adopted and deployed globally across the Client's banking and financial services business units.
The Company and Client plan to rapidly implement the Velocity product running on the Boardwalk Digital Ledger Platform, to transform, automate, manage, and improve business processes with a focus on compliance for and remediation of Microsoft Excel-based end user computing applications (EUC's). By transforming and automating these EUC's on Velocity without having to re-platform or write a single line of code, the Client will be able to quickly transform this data and their Excel applications into a fully compliant environment. Velocity gives enterprises the ability to govern, monitor and audit all changes in real time - which is only possible because of automatic, low-code data and workflow auditability through our patented Boardwalk Digital Ledger. While the financial service market is on track to be the first segment to deploy Velocity, the features and benefits are expected to be recognized and adopted by other targeted markets for Boardwalktech.
"This contract is our first in the banking industry and came to us from one of our existing partners. Our new Client, after trying legacy solutions from its vendor partners and software companies/platforms over the past few years, has been unable to transform these EUCs at scale. Our Velocity solution and its automation technology was able to directly meet the requirements of the Client to rapidly transform these existing EUC's while meeting the needs of both end users and more importantly the Bank's compliance initiatives," said Andrew T. Duncan, CEO of Boardwalktech. "This contract, coming from such a global and technologically leading financial services company, validates the effectiveness of our unique platform and propels us as a technology solution provider across the entire financial services industry for compliance and data management. This contract is the beginning of a transformation within the banking industry, and it is our Company's belief that Boardwalk's Digital Ledger platform and Velocity will become the gold standard for compliance and remediation needs in other financial institutions."
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com
For more information on the benefits of \Velocity, please visit: www.boardwalktech.com/products/velocity
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated May 30, 2018. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content: http://www.newswire.ca/en/releases/archive/March2022/31/c7447.html