Complinet, the leading provider of dynamic and connected risk and compliance solutions to the global financial services industry, today announced that it achieved strong double-digit revenue growth in its financial year, which ended on March 31, 2008.
The three months leading up to March 31st represented the company’s strongest quarter since it was founded in 1997, providing a strong indication of the growing worldwide demand for solutions that ease the compliance process and reduce the likelihood of non-compliance.
Complinet won 300 new customers in 2007, bringing its total number of customer organisations worldwide to 1,600.
“Delivering cost-effective risk and compliance initiatives has become a major challenge for financial institutions, particularly those that operate across multiple geographies and offer many different product lines,” said Chris Pilling, CEO, Complinet. “Recent market conditions have driven companies to address how they balance operational burden and related costs against continued regulatory obligation. We deliver cost effective risk management, which is crucial when expenditure is under scrutiny.”
Landmark 2007 Achievements
Other landmark achievements for Complinet in 2007 included 200% revenue growth in the Middle East; the opening of the company’s first office in Asia-Pacific; a multi-million dollar investment from Fidelity Equity Partners; and the launch of two major new solutions: Complinet Tracker and MyComplinet.
Significant Growth in the Middle East: The Middle East is key in Complinet’s growth plans. The company has its regional offices in Dubai and over the last year it has experienced 200% growth in revenue. Complinet has a number of new customers in the region and also hosts the rulebooks for the Central Bank of Bahrain (CBB), the Dubai Financial Services Authority (DFSA) and the Qatar Financial Centre Regulatory Authority (QFCRA).
Launch of Complinet Tracker: During 2007 Complinet continued to provide new solutions to help financial services organisations increase operational efficiency and reduce risk. Launched in September 2007, Complinet Tracker is the first enterprise-wide early-warning system for upcoming regulatory change. By continually monitoring concept releases, consultation documents, and modifications to regulations, Complinet Tracker allows organisations to view, prepare for and comply with rule developments with greater speed and accuracy, reducing the risk of a compliance breach. Complinet Tracker reduces costs and increases compliance effectiveness dramatically by providing immediate visibility and insight around regulation as it develops.
Launch of MyComplinet: With another industry first, Complinet brought the global compliance community closer together in October 2007 with the launch of MyComplinet. This is the first dedicated online community and professional networking site for compliance practitioners. A free service, MyComplinet connects compliance peer groups nationally and globally, and provides up-to-date information and analysis. Within five months of launch, MyComplinet had connected 19,000 members.
New Asia-Pacific Office: Complinet opened its first Asia-Pacific office in Sydney, Australia, employing local and specialised industry professionals to analyse and deliver relevant compliance intelligence to financial institutions based in the region. Complinet is poised for further growth in the region, with eight per cent of the company revenue derived from its customer base in APAC.
$37m Investment from Fidelity: Recognising the increased demand for compliance solutions worldwide and Complinet’s unique market position and best of breed approach, Fidelity Equity Partners invested US $37 million (£18.5 million) in Complinet in March 2008. The funds will help Complinet continue to develop and enhance its sophisticated compliance solutions and to increase its global reach.