Scope
Reference
CON/1001823
Description
Upgrading the Bank of England's Securities & Collateral Management Settlement System.
Contract 1. Upgrading the Securities & Collateral Management Settlement System
Supplier
Contract value
- £3,541,666.67 excluding VAT
- £4,250,000 including VAT
Above the relevant threshold
Date signed
30 May 2025
Contract dates
- 30 May 2025 to 20 December 2027
- 2 years, 6 months, 22 days
Main procurement category
Services
Options
The right to additional purchases while the contract is valid.
Additional service to support implementation for this contract.
CPV classifications
- 72000000 - IT services: consulting, software development, Internet and support
Contract locations
- UK - United Kingdom
Justification for not setting key performance indicators
The contract value is below £5 million including VAT.
Other information
Conflicts assessment prepared/revised
Yes
Procedure
Procedure type
Direct award
Direct award justification
- Single supplier - intellectual property or exclusive rights
- Single supplier - technical reasons
The following conditions are met in relation to the public contract-
(a)due to a particular supplier having intellectual property rights or other exclusive rights, only that supplier can supply the goods, services or works required, and
(b)there are no reasonable alternatives to those goods, services or works.
Supplier
VERMEG SYSTEMS LIMITED
- Companies House: 02322432
- Public Procurement Organisation Number: PGTM-2465-XGDT
55-56 Russell Square
London
WC1B 4HP
United Kingdom
Email: jmistry@vermeg.com
Website: http://www.vermeg.com
Region: UKI31 - Camden and City of London
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Supported employment provider: No
Public service mutual: No
Contract 1
Contracting authority
BANK OF ENGLAND
- Companies House: RC000042
- Public Procurement Organisation Number: PRDB-1113-HPPT
Threadneedle Street
London
EC2R 8AH
United Kingdom
Region: UKI31 - Camden and City of London
Organisation type: Public authority - central government