Accurate Software reports 31% revenue growth; earns SwiftNet Gold


Accurate Software today announced that its fiscal results for year end March 2004 show a 31 per cent increase from the previous year, to maintain an average growth rate of over 35 per cent in the last three years.

Accurate Software also announced that its Operational Risk Management solution, Accurate NXG, has been awarded the SWIFTReady Gold 2004 label for cash and securities reconciliation. It is the fifth consecutive year that Accurate NXG has secured the SWIFTReady Gold label, reinforcing the strength of its technology and flexibility to meet ongoing changes in the marketplace.

Global demand continues to rise for Accurate's solutions, especially in the financial services sector, which has seen the largest increase in revenue and new business for Accurate over the past 12 months.

Accurate NXG is built on four core competencies of reconciliation, exception management, workflow and business intelligence. The flexible nature of Accurate NXG is evident from its expanding client base, many of which vary in business type and geography. Notable European successes include, Nationwide Building Society, the largest building society in the UK; Caixa Catalunya, the third largest Spanish savings bank; HSBC Holdings and Paris based CDC IXIS Asset Management. Beyond Europe, Accurate adds to its Asian customer portfolio with HSBC Private Bank (Suisse) SA in Hong Kong.

Philip Hall, chairman and co-chief executive officer, Accurate Software, comments: "At 31 per cent revenue growth, the results prove Accurate's global position as the leading and fastest growing provider of niche operational risk management solutions. The opening of our New York office and accelerated financial services business in North America strongly contributed to this year's achievement. Accurate's ongoing success is due to the flexible, robust nature of Accurate NXG and our partnership approach. We will continue to focus on our clients' needs and look forward to another successful year."

Joel Ludvigsen, Director of Partner Solutions, SWIFT says: "SWIFTReady Gold is the highest level of compliance awarded by SWIFT. Each vendor's technology is judged on its ability to provide automation in a SWIFT environment. Accurate has once again proved its Operational Risk Management solution, Accurate NXG, has the quality and adaptability to meet our increasingly stringent criteria."

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