Credence tops IBS Sales League Table 3rd year in succession

Mumbai, India

March 22, 2005

For the third year in a row, Credence Analytics (India) Pvt. Ltd. has been ranked as the largest wholesale banking software solutions provider in India, by International Banking Systems (IBS). In the recently published IBS Sales League Table 2004, IBS has also ranked Credence Analytics as the world's number four in the wholesale banking solutions segment for the period 1st January 2004 - 31st December 2004.

IBS Intelligence is a UK based independent research and publishing house. It conducts annual survey of sales of banking solutions in the area of Wholesale, Retail, Corporate, Retail and Private banking. This survey is global in nature and includes the major banking software solution providers. The IBS Sales League Table has high credibility in the banking arena and gets wide and comprehensive coverage.

This year 64 banking software vendors across the globe, with their 75 products, covering universal banking, wholesale banking, retail banking & private banking participated in the IBS sales survey. Twenty-two vendors were categorised as wholesale banking vendors and Credence iDEAL was ranked as fourth in this category. In the overall vendor rankings, Credence is slotted at the 10th position and is India's 4th major banking software solutions provider, tied with Nucleus Software, following i-flex Solutions, Infosys Technologies and Infrasoft Technologies.

“In spite of the depressed global banking software market, we are glad that we are one of the few banking software vendors in the world, who have been able to maintain our growth and sustain our position as the leading Indian wholesale banking software vendor. This year we won a mandate from one of the largest banks in India which has a total asset base of USD 56 Bn. This is no mean achievement for an Indian company of our size as we are a fairly new entrant in the wholesale banking solutions space. I would like to thank all our clients, new and old, for placing their faith and confidence in us. We are also grateful to IBS for including us in the IBS Sales League Table 2004 and giving us an opportunity to highlight our capabilities”, says Mr. C. K. Guruprasad, Director (Marketing), Credence Analytics.

According to the league table which is published annually and tracks banking solutions across the globe, Credence Analytics has won 9 new wholesale banking mandates during the year 2004 and has 35 live installations for its range of treasury and risk management solutions. But the league table does not reflect the wide range of related products and services offered by Credence Analytics including solutions in the areas of derivatives management, treasury client-servicing, wealth management and real-time forex work flow management.

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