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QuIC Achieves Record Revenue and Profitability in 2009; Continues Global Expansion

QuIC Financial Technologies, a market leader providing the world’s financial organisations with risk management, pricing and analytic solutions, today announced record revenue and profitability growth in 2009, reflecting ongoing expansion of its global customer base and continued project implementations within its client portfolio.

“2009 was another milestone year in our corporate growth,” stated Nigel Cairns, President and CEO of QuIC. “In addition to exceeding our revenue and profitability objectives, we gained significant industry recognition regarding our technology solutions and customer service. With 100 percent of our clients being fully referenceable, we have more clients demanding our solutions, adding to our record order book going into 2010.”

QuIC expanded its product line to include an IRC Solution, which creates a fast, reliable, and realistic view of defaults and migrations to gain IRC approval, and an Economic Capital Solution, that generates fast, accurate risk intelligence to minimise economic and regulatory capital requirements. QuIC’s expertise and leadership in regulatory compliance has helped a number of banking clients obtain IMM approval ahead of scheduled deadlines.

Fuelled by its growing portfolio of successful implementations, QuIC solidified its market leadership by winning new business in both tier one banking and adjacent markets, most importantly the newly regulated Insurance industry. During 2009, QuIC also expanded its product support and business development capabilities to better service its clients and tap new opportunities worldwide. Executing its focused strategy to attract the industry’s top experts and specialists, QuIC grew its staff by 20 percent over the course of the year.

“To embrace future growth, QuIC continued a proactive investment strategy in our people, process and technology to maintain our global market leadership position,” said Steve Wilson, CFO and Vice President Professional Services for QuIC. “Both our hiring and office expansion efforts are designed to meet the escalating need for our solutions worldwide while ensuring our growth strategy is well supported into 2010 and beyond.”

As a privately-held company, QuIC does not publicly disclose details of its financial information.