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Find a TenderAwarded without competitionContract details notice
Published 30 Apr 2025, 12:20 BST

Official UK procurement notice

Upgrading the Securities & Collateral Management Settlement System

Official notice

Authority: BANK OF ENGLAND

Direct award
Sectors: IT Services & Software (72) Delivery: UKNorth East (UKC)North West (UKD)
+7 moreYorkshire & Humber (UKE)East Midlands (UKF)West Midlands (UKG)East of England (UKH)London (UKI)South East (UKJ)South West (UKK)
Awarded value£3,541,667published award · exc. VAT
Awarded 24 Apr 2025no call for competition
Awarded to VERMEG SYSTEMS LIMITED, Vermeg Solutions SA

What is being bought

Published requirement description

Upgrading the Bank of England's Securities & Collateral Management Settlement System.

The lotProcurement structure

single lot · no lot value published
Lot #1Awarded
Delivery: London
72000000 IT services: consulting, software development, Internet and support

Procedure terms & legal framework

From the official record
Procedure method
Direct award
Legal basis
UKPGA · 2023/54 Procurement Act 2023
Notice status
Awarded without competition
Procurement threshold
Unspecified in notice
Regulatory regime
Standard
Commercial structure
Stand-alone contract (no framework)
Competition type
Direct award (no call for competition)
GPA / WTO covered
Unspecified in notice
Recurring procurement
Unspecified in notice
First published
30 Apr 2025, 12:20 BST
Last source update
6 Jun 2025, 11:55 BST
Authority reference
CON/1001823
FTS notice number
2025/S 000-030533
Latest notice
Contract details notice (UK7)
Delivery area
UKNorth East (UKC)North West (UKD)Yorkshire & Humber (UKE)East Midlands (UKF)West Midlands (UKG)East of England (UKH)London (UKI)
+2 moreSouth East (UKJ)South West (UKK)
Official registry OCID
ocds-h6vhtk-050a15 Find a Tender
Why no open competition
Single Suppliers Intellectual Property Exclusive Rights; Single Suppliers Technical Reasons
Published justification

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.

How it was run

Official notice
Submission deadline
—

Timeline

13 May 2025 → 6 Jun 2025 · 2 dates
  1. Standstill ends
    13 May 2025, 23:59 BST
  2. Notice published
    6 Jun 2025, 11:55 BST

Notice history

4 events · 3 releases on Find a Tender · since 30 Apr 2025
  1. Transparency notice published
    30 Apr 2025, 12:20 BST
    UK5
  2. Contract award notice published
    1 May 2025, 14:42 BST
    UK6
  3. Contract signature expected
    14 May 2025, 23:59 BST
    scheduled
  4. Contract details notice published
    6 Jun 2025, 11:55 BST
    UK7

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast
Awards 1
Awarded value £3,541,6671 award exc. VAT
Contracts signed 1latest 30 May 2025
Awarded toValueDateStatus
VERMEG SYSTEMS LIMITED, Vermeg Solutions SAjoint award14 May 2025 – 20 Dec 2027Options: Additional service to support implementation for this contract.£3,541,66724 Apr 2025Awarded

Contracts

  • Contract 1 · VERMEG SYSTEMS LIMITED, Vermeg Solutions SA

    Signed
    30 May 2025
    Value
    £3,541,667
    Period
    30 May 2025 – 20 Dec 2027
    Status
    active
    Options
    Additional service to support implementation for this contract.

    No agreed KPIs: The contract value is below £5 million including VAT.

Contracting authority & participating public bodies

BANK OF ENGLAND

Contracting authorityPublic authority - central government GB-COH: RC000042 · GB-PPON: PRDB-1113-HPPT Threadneedle Street, London, London, EC2R 8AHContact email

Bidders & participating suppliers

2 commercial parties on the notice
  • VERMEG SYSTEMS LIMITEDAwarded supplierGB-COH: 02322432GB-PPON: PGTM-2465-XGDT 55-56 Russell Square, London, London, WC1B 4HPContact email
  • Vermeg Solutions SAAwarded supplierGB-PPON: PGTM-2465-XGDT 55-56 Russell Square, London, London, WC1B4HPContact email

Official documents & specifications (3)

Official links; attachments are not copied

Notices published for this procedure

  • Contract details notice contractContract details noticeUK7Contract details notice on Find a Tender
  • Contract award notice awardContract award noticeUK6Contract award notice on Find a Tender
  • Transparency notice awardTransparency noticeUK5Transparency notice on Find a Tender