GoldenSource Corporation, a leading enterprise data management solutions provider, today announced more than 30% growth in year over year revenues for 2010, setting the pace for continued growth in 2011.
â2010 was a landmark year for us,â said Mike Meriton, president and CEO of GoldenSource. âThis result reflects our sustained investment in research and development at a time when data management is cited as a critical priority for financial institutions. This year our resolution is to help our clients plan and meet upcoming regulatory changes by improving data transparency and auditability. We will also continue to address and enable best risk management practices, which in our view include advanced data aggregation capabilities.â
The strong results are the culmination of the launch of several solution offerings in the market data, risk management and data warehousing arena, as well as the continued adoption of GoldenSourceâs managed data interfaces to all the major data vendors. Further penetration into all lines of business including private banking and insurance and the addition of several new clients across the globe contributed to a year of profitable growth for the firm.
âWe were able to accelerate our growth in Asia Pacific by signing on clients, including leading financial institutions in China, Australia and Singapore,â said Neill Vanlint, managing director of EMEA and Asia Pacific for GoldenSource. âGoing forward, we will continue our expansion into this region and help leading institutions in their pursuit in developing best-in-class data management strategies as they enter the global stage.â
GoldenSource observed that the data management market continued to mature as a result of financial institutions rolling out the respective platforms as a strategic, internal shared service across their organisations. Executives expect this trend to increase as firms realise the benefits of enterprise wide deployments, drive economies of scale and streamline operational costs.
âRisk management has risen to a new level of prominence in the years since the credit crisis,â said Fritz McCormick, senior analyst at Aite Group. âAn associated emphasis on effective data management has also emerged as the industry acknowledges that effective risk management is predicated upon data quality . This is spurring more and more firms to address their data management infrastructure, policies and practices.â
Mike Atkin, managing director of the EDM Council said, âAcross the board, financial institutions have recognised data management as an essential prerequisite for operating in the new era of global transparency and systemic oversight. Data comparability and business processing automation are the objectives. In order to meet these new operational requirements, firms are working to align their data repositories, adopt standards and extend their internal governance to cover the science and discipline of EDM. Data management has absolutely emerged as a business priority for the financial industry.â