Granville Associates, a UK provider of business intelligence (BI) software to the banking sector, has gone into administration.
Granville's software is used to extract data from a core banking platform. This data is then used to populate a banking data model to create a fully reconciled source of information. The latest version of the software allows bank staff to easily view all the information with minimal training and perform quick reporting, analysis, modelling and charting.
Amco Agency and Novitas Partners have been appointed by the joint administrators Stephen Mark Katz and David Birne of Fisher Partners London to dispose of the company or its assets.
In a statement, Amco Agency says Granville had turnover of £1.40 million in 2007 and a forecast for 2008 of £2.06 million. The projected turnover for 2010 is £4.75 million.
At the end of the first quarter 2008 the sales pipeline stood at £3.65m with £800,000 contracted subject to letters of intent.
"Given the strength of these products and the head start Granville Associates has in the banking sector I am particularly optimistic that a buyer can be found quickly," says Michael Charles of Amco Agency.
The Granville software is currently marketed at the 350 tier two and three banks that have implemented the Midas and Midas Plus core platforms from Misys. Amco Agency says an additional market of 2000 tier two and three banks using the Temenos and Calypso core platforms "will be addressable" once the requisite data extraction adaptors have been developed.