Algorithmics, the Canadian-based supplier of risk management software, is reporting record revenues of more than US$77 million for the twelve months ending 31 January, 2002, an increase of 16 percent over fiscal 2001.
Broken down by geography, North America revenues grew by over 50%, EMEA saw a 22% increase and Japan experienced 19% growth.
"Increased volatility and greater financial risk in 2001 strengthened the demand for risk solutions and helped Algorithmics grow at a solid pace," says Ron Dembo, president and CEO. "We continue to capitalise on the trend among banks to buy, rather than build, risk management solutions."
Regulatory pressures brought on by the latest BIS II guidelines have further increased demand he says.
The company added 14 new clients during the financial year, and now claims 140 users worldwide.
Shareholders in the firm include Morgan Stanley International, CIBC Capital Partners, Royal Bank of Canada, American International Group, VenGrowth Capital Investment Fund and Commerzbank.