Banco do Brasil Signs 4-1/2-year Contract With Software AG

Banco do Brasil, Brazil's largest bank, has signed a 4-1/2-year maintenance and license contract with the Brazilian subsidiary of business infrastructure software vendor Software AG.

The deal, with a total net worth of approximately 151.6 million Real ($92.3 million USD), represents the biggest deal in Software AG's history. Approximately three-quarters of the total is license revenue, to be booked over the contract period; the remainder is for maintenance and services.

With the successful closing of this contract, as well as other Brazilian contracts, Software AG is confident that it will reach its full year forecast for the country of ca. 30 million. In light of the positive business development in Brazil, Software AG's executive board expects total 2008 global revenue growth, at constant currency rates, of 24 percent to 27 percent, despite the weakening economic situation in the major industrialized countries.

Software AG will publish its third quarter financial results on Oct. 24.

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio