26-Jan-07
Odyssey Financial Technologies is pleased to announce that 2006 saw the entry of an additional 12 major Private Banking and Wealth Management organisations into the Odyssey user community globally.
In the US, three new customers include a major wealth management organisation which signed for Odyssey's Portfolio and Relationship Manager Workstations, a specialised fixed income organisation which has licenced Odyssey’s Enterprise Data Management solution and a very large mutual fund organisation. Since the New York office was established in 2004, Odyssey has built a fully regional team of 16 people, which will now be considerably expanded.
Odyssey also won major new clients in Asia with both the number one foreign bank in Japan and one of the top 10 domestic Japanese banks taking Odyssey’s wealth management solutions. A third signing of a major bank providing wealth management in Singapore joined Siam Commercial Bank in Thailand which had earlier in the year selected Odyssey’s Portfolio Manager Workstation solution for its Private Banking business, in a rapidly growing regional customer base.
In Europe amongst the key new signings was the ARZ Allgemeines Rechenzentrum GmbH, an Austrian IT service provider, which has decided to move from its Reuters Portfolio Management System to the Odyssey Component Suite, and Lloyds TSB in the UK which has chosen Odyssey solution as it private banking front office platform.
All together these new contract signings, in addition to a considerable amount of new business from our existing customers, meant that license sales grew during the year by 42% on the 2005 result. Odyssey’s annual revenues showed a growth of 19% to reach approximately €62 million, and met the Company’s budgeted profit target. In parallel, the company invested significantly in 2006 through recruitment, reaching globally 387 employees in December 2006. The development team has been extended significantly to accelerate development of new features and ensure high quality deliverables.
Antoine Duchateau, Chairman and CEO of Odyssey Financial Technologies comments: “2006 has been an excellent financial year for Odyssey, and our focus needs now to shift towards achieving challenging 2007 objectives, both financial and operational, and throughout the regions as well as centrally. The success during 2006 confirms Odyssey as the leading global vendor of technology solutions, best of breed and integrated, meeting the business requirements of multiple profiles within a wealth management organization.