TechMarket View14 Mar 2017 15:52
Full year results today confirm the excellent progress over the past year. This newly-christened provider of real-time transaction control and data integrity solutions (formerly Gresham Computing) returned revenues up 16% to £17.2m and Adjusted EBITDA ahead by 41% to £3.8m.
Central to the growth of Gresham Technologies is the Clareti Transaction Control (CTC) software which delivered 11 new customer wins throughout 2016, with revenues from this solution up 42% to £7.5m. Newly acquired C24 Technologies added £0.3m of revenues, bringing 35 new customers to the Group. Revenues elsewhere in the Group, from the legacy licensing and services business remained stable.
The investment in sales and marketing over the past 2 years is paying off. In the US, the group had success in Financial Services, with a hedge fund becoming the first client for the cloud-delivered version of the Clareti solution and growth in the asset management sector. In late 2016 a Tier-1 bank bought the CTC offering to support a major transformation of its data operations. The US looks as if it will be the source of significant growth. The Asia-Pac operation is currently focused on a Singaporean bank and on sales to and through ANZ. The UK business remains strong, with growth in the hedge fund and on-line trading sectors as well as growing momentum in insurance broking and now commodities trading. Continental European sales have also advanced strongly in the first part of 2017.
The broad range of use cases for the CTC solution and the “stickiness” of the solution can provide the management with substantial confidence in terms of growth and improved margin throughout 2017. The addition of C24 and the push to develop new applications to extend the capabilities of CTC should ensure further profitable progress, particularly in the financial services sector.
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