Xiring reports Q3 revenue of EUR8.7m

Source: Xiring

Xiring, a security solutions provider for remote transactions, today announces revenues at €16.8 million for the nine-month period, compared to €8.6 million for the same period in 2006.

This increase is based on sustained growth in the company's two main sectors: banking and healthcare.

Total revenue amounts to €8.7 million for the third quarter of 2007. Security solutions for online banking generated €6.3 million turnover for Q3, more than five times compared to the same period in 2006. This exceptionally high revenue is due to massive deliveries of security solutions in the United Kingdom during this quarter.

The share of banking revenue is increasing and represents 55% of the company's total sales figure during the nine-month period. This increase is mostly due to international sales, particularly in the UK, and demonstrates the intensified deployments by banking institutions in Europe.

XIRING is also strengthening its position in the healthcare sector, with nine-month period revenues at €6 million, compared to €4.7 million for the same period in 2006.

XIRING is continuing its efforts to provide for the fast growing market of security solutions for e-banking and e-commerce. The company has confirmed that annual growth of revenue will be higher than 70% in 2007.

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