TwoFour increases client base by over 70%
London & New York - 1 March 2010
TwoFour bucks the trend with team expansion and strong revenues across both product and consultancy divisions
TwoFour, the product and services provider of FX and treasury cash management solutions, today announced significant growth across both its consultancy and product divisions over the past year. Sales of the TwoFour System increased by over 70% and the company extended its geographical reach with key global implementations. To meet strong demand and better service its existing clients, TwoFour has also expanded its headcount with strategic hires in the United States and Europe.
Les Gosling, head of EMEA, TwoFour said: "In 2009 we achieved great traction - signing our first client in mainland Europe, Fortis Bank, was a milestone for TwoFour. We expect this growth to continue in-line with our strategy to focus efforts in two key areas - FX and treasury cash management."
TwoFour has significantly expanded its global footprint in the past year, rolling out support to customers in 12 new locations across APAC, EMEA, and the Americas. To meet the needs of its growing and diversifying customer base, TwoFour has made 12 strategic hires across development, sales, client services, and consulting. The company is continuing to actively recruit senior sales and pre-sales consultants.
Most notably, it is expanding in London, a trend which looks set to continue due to further increasing demand for its solutions from European-based banks. TwoFour is also seeing greater demand from financial institutions in APAC, and will be looking to replicate its success there with the opening of its first office in the region.
Chris Davis, co-founder of TwoFour, added: "The last 18 months were extremely tough for financial services, with much consolidation in the market. Announcing this strong yet sustainable growth is a testament to the true value we deliver to our clients, through quality of service and our flexible, workflow-based approach. In order to enhance and develop their businesses, financial institutions today are looking for robust, scalable systems, that can handle high volumes, reduce risk, meet demanding regulatory requirements, and significantly lower cost of ownership. We will continue to invest in our people and technology to ensure that the TwoFour System is anticipating, if not shaping, the direction our clients will take."
Underpinning this client demand is the TwoFour System, which has been proven to handle 4,000 cash flows per second and millions each day through an Intel benchmark test. The system has undergone much development in functionality across FX, money markets, orders, limit and risk monitoring, operations, and the addition of new interfaces. The high performance version of the system was launched in Q3 2009 and more than 30% of TwoFour's customers are already on this version. Customers are benefiting from increased straight-through-processing; reduction in cost per trade; increased flexibility combined with high performance; mitigated credit, market and operational risk; and an overall reduction in cost of ownership.