Technology
Fenergo doubles revenues, turns to profit & expands into asset & wealth management, commercial, business, private & retail banking
Focused Investment in R&D Combined with New Products and Services, Helps Drive Expanded Global Footprint
Fenergo, the leading provider of Client Lifecycle Management solutions for financial institutions, today announced that the company doubled its revenue to €58m for the year ending 31st March 2018 and expanded its global footprint into key regions across APAC, Europe & North America.
Fenergo continues to show significant growth, having doubled their year-on-year gross margin with an increasing proportion of revenue resulting directly from recurring software fees. The company also achieved a marked turnaround in profitability with a pre-tax profit recorded at €2.6m, along with its considerable investment in research & development approaching €10m.
Building on its success in Corporate and Institutional Banking, Fenergo is now expanding into new market segments including Asset & Wealth Management, as well as a move into Commercial, Business, Private & Retail Banking. This expansion will allow clients from other market segments to benefit from their award-winning capabilities for the first time. Fenergo also added over 200 employees to its workforce during this period.
“This year has been about building on our strengths. We have increased our global footprint specifically across APAC and Europe as we work to meet growing demand and customer requirements across multiple banking segments and better serve our clients in their respective markets. Given our strategic hires and expanded workforce, we are now extending our CLM platform to serve the Asset Management, Commercial, Private & Retail Banking segments. Our diverse leadership team brings a wealth of expertise and experience in financial regulatory technologies that deliver end to end client lifecycle management for multiple segments,” said Marc Murphy, Fenergo CEO.
The company is now operating from offices in New York, Boston, Cape Town, Dublin, Madrid, London, Singapore, Sydney, Tokyo, Toronto and Wroclaw and is proactively working with strategic partners to extend its reach even further.
“Our strategic investment in R&D and expansion into new market segments gives our customers and prospects an ecosystem of solutions that address market challenges associated with digital transformation and today’s heavier regulatory obligations. When you combine these new initiatives with the company’s financial successes, we are optimistic about our future opportunities and believe we are uniquely positioned for further significant growth and continued success,” added Murphy.
