meet increasing demand for its Operational Risk Management solution,
Accurate NXG, in the region. Despite the global downturn that has
particularly impacted the IT sector, Accurate Software - which celebrates
its 10th anniversary this year - continues to outperform the market
globally. Accurate achieved 36 per cent growth in the fiscal year ending
March 2003 and figures for the first six months of the fiscal year ending in
March 2004 demonstrate a 38 per cent growth rate, year to date.
The new office, located in the Rockerfeller Center, 1230 Avenue of the
Americas, Manhattan, opened on 1st October and is headed by Gary Gibbs,
Executive Vice President of Accurate Software Inc. Gary joined Accurate in
1999 to set up the company's North American headquarters, based in Atlanta,
Throughout the last six months, Accurate has seen an increase in demand for
its Operational Risk Management solution, Accurate NXG, with financial
institutions in North America looking to improve the way they manage
operational risk. Built on four core competencies of reconciliation,
exception management, workflow and business intelligence, Accurate NXG is
well suited to meet their requirements. Today Accurate's North American
clients include financial services firms such as JP Morgan Chase,
International Finance Corporation and Ruesch International.
Philip Hall, chairman and co-chief executive officer, Accurate Software,
says: "Establishing an office in New York to supplement our existing
presence in Atlanta will enable us to build further on the growth we are
seeing in the North American marketplace. Our growth, both in this region
and worldwide, is fundamentally down to the strength of our Operational Risk
Management solution and our people."
Hall continued: "Effective management of operational risk has become
increasingly important to financial institutions in the last couple of years
and we have been well placed to respond to the market's demands with
Accurate NXG. By remaining self-funding, we are able to take a long-term
view on strategy without distractions such as shareholder value. As a
result, customer value can take priority. We are very pleased with our
achievements to date and look forward to continued success."