New York, NY - March 21, 2000 - Financial Technologies International, the world’s leading provider of real-time financial information platforms, announced today another record year of increased net profits, with total business revenue for 1999 growing to $35 million. Core business revenue from FTI’s principal products grew 72 percent, with annual license revenue growth reaching over 100 percent.
Demand for FTI's products has rapidly increased as the worldwide financial community continues to move toward straight-through processing and Web-enabled systems for firm wide access to real-time financial control. In 1999, FTI licensed its products to 20 new clients that span the financial industry in their size and market offerings. These include leading web brokers, brokerage firms and investment banks, prominent commercial banks and financial Internet start-ups.
"The Internet has introduced an entirely new way of doing business and the financial industry must shorten its trading, settlement and accounting business cycles," said Predrag Dizdarevic, FTI’s President and CEO. "With the growing need in financial services to process a variety of operational and business data across different entities and regions, FTI's products have proven to be the only effective tools for processing, storing and reporting time-critical information in real-time for fully horizontal, enterprise wide access."
FTI made major advancements in the deployment of its products in 1999. Its business partnership with Oracle offered financial services providers the first general ledger integration with complete financial transaction activities as well as sophisticated roll-up and drill-down financial analysis capabilities. With Fujitsu, one of FTI's most strategic business alliances, FTI made a strong entry into the Asian market, winning a major contract with The Bank of Tokyo Mistubishi.
Additionally, Intuit's Quicken.com went live with FTI's Global Financial Data ModelÃ¤ for the leading personal finance Website to provide its clients with anytime, anywhere access to their consolidated financial portfolios. FTI's alliance with Fidelity Enterprise Data Systems’ ActionSource(sm) brought the financial industry a robust, fully integrated solution for corporate action processing. Finally, FTI aligned with IBM’s Universal
Database and MQ Series Integration technologies to provide clients with a streamlined method for integrating Web-based systems and applications with core business applications.
FTI aggressively expanded its presence in North America and in the Pacific Rim by opening two new offices in key markets, Boston and Sydney. FTI also expanded its London office to more efficiently market its products and services to the Europe, Middle East and Africa (EMEA) financial industry markets.
Among last year's most notable highlights was Deloitte Consulting, one of the world’s top management consulting firms, becoming a preferred provider of FTI's financial technology solutions for financial ERP (f-ERP) applications integration. FTI's financial information platform is now an integral offering of Deloitte’s end-to-end business process solution. The preferred provider arrangement with Deloitte helps further leverage FTI as the premier provider of real-time information platforms to leading financial institutions around the world, and establishes a long-term professional services relationship to expertly implement and support FTI’s product suite.
"The growth we have seen in 1999 is continuing even more rapidly into 2000," Mr. Dizdarevic added. "FTI maintains its commitment to cater our services to the global financial industry. Our goal is to expertly manage the process of implementing and testing FTI"s products, and our relationship with partners such as Deloitte Consulting is a giant step in accomplishing this task. We are looking forward to continued demand for our products, and now have better means for servicing that demand than ever before."