Target Group, a leading specialist in lending software and financial outsourcing, has experienced a significant increase in annual turnover, with revenues rising from £11.1 million to £22.2 million between 2006 and 2009. Over the past year, turnover increased by 22.5%.
The ambitious company has increased its team by 43% over the past year. Target now employs over 350 people across the UK, Australia and New Zealand.
Target’s success has been achieved through its investment in developing and delivering innovative, cost effective and flexible lending and insurance software and loan servicing solutions for the UK and Australasia financial industry. Formed over 30 years ago, Target diversified and expanded in 2007 to offer business process outsourcing services – all focused to help lenders deliver operational efficiency.
Target Group comprises two divisions, Target Software, which delivers solutions for lenders, brokers and insurance companies, and Target Services which includes its business process outsourcing company Target Loan Servicing.
Target Loan Servicing performed very strongly, winning four new servicing contracts in 2009. At the year end there were 11 contracts signed or under negotiation, these included contracts to service motor loans, savings products (investment bonds and deposits), commercial loans, residential mortgages, equity release and second charge loans. 25% of the world’s top 20 global banks now use Target Group’s software and services. This illustrates the versatility of Target’s lending software which is central to Target Loan Servicing’s proposition.
James Rudolf, CEO of Target Software commented: “We are delighted to have experienced such growth during what has been a difficult time for the financial industry. Target offers banks and portfolio owners a range of software and outsourced services. It is this versatility and depth of our products and services which have ensured such a successful year.
We have ambitious growth plans which include expansion in the Asia Pacific region over the coming year.”
Target has an impressive client list of some of the best known names in finance and insurance including Barclays, Bank of America Merrill Lynch, Credit Suisse and NFU Mutual.