Steady financial results for Online Resources and impressive year-on-year growth for Polaris Software Labs saw these two companies post strong gains on the Finextra50 Financial Technology Index last week. The index closed up 1% to 66.24. Lender Processing Services led the fallers, dropping 14.2% after being linked to a US Department of Justice investigation.
Temenos led the gainers last week, rising 17.5% to CHf14. Earlier this month the Swiss core banking vendor said that its contract with partner Metavante Technologies remains intact, even if Fidelity National Information Services goes ahead with its plan to buy Metavante.
Online Resources also rose strongly last week, moving up 13.03% to $4.77 after the online banking specialist reported Q1 revenues to March 31 were flat on last year - between $39.1 million and $39.3 million, compared with $39.2 million for the first quarter of 2008.
The US-based company reported that adjusted Ebitda is expected to be between $8.2 million and $8.4 million, compared to $7.4 million for the 2008 period.
Polaris Software Lab rose 12.10% last week to Rs63 after its CEO talked up the company's expansion into the insurance sector ahead of this week's earnings announcement, which was expected to show solid-year-on-year revenue growth. In fact, today the company announced its full-year figures to 31 March, with profit after tax rising by 79% to Rs. 130.71 crore and income growing by 25% to Rs. 1,377.95 crore.
Also in India, Oracle Financial Services Solutions had a good week, rising 11.73% to Rs866.55. Other companies to post significant gains by market close on Friday include:
Lender Processing Services (LPS) led the fallers last week, dropping 14.20% tp $28.89 after an article appeared in Dow Jones Bankruptcy Review. The article claimed that the company is the subject of a formal investigation by the Department of Justice. This investigation is allegedly due to certain regional US Trustees Offices, which are statutorily charged with oversight of the bankruptcy process, that have inquired about the manner in which LPS's proprietary technology and services are used during bankruptcy and foreclosure proceedings.
LPS denies the claims, stating that it is not aware, nor has it been informed, that it is the subject of a formal investigation. It says it has voluntarily cooperated with the U.S. Trustees Offices with respect to these inquiries.
Other companies to see significant falls last week include:
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.