 |
Innovative Systems Reports Record First Quarter Results
|
|
New revenue growth of 35% fueled by data quality software sales
|
|
PITTSBURGH, PA – May 3, 2007 – Innovative Systems, Inc. (ISI), a leading global provider of data quality and regulatory compliance solutions, today announced performance results for the quarter ending March 31, 2007. |
|
New licenses and service revenue in the first quarter of 2007 were up 35% over the same quarter in 2006 and 39% in the past six months over the same period a year ago. Driving the impressive growth were increases in new data quality software sales with associated professional services fees, along with increased fees generated by the company’s hosted services. |
|
“Although there are a number of areas where our revenue numbers are up, the most notable is new software sales in our data quality business,” said Bob Colonna, ISI’s President and CEO. “In an increasingly competitive market of data quality providers, it’s particularly satisfying to be experiencing growth in new software sales – which validates our aggressive investment in R&D over the last three years. These wins have been in either head-to-head comparisons with major competitors for new business, or displacements of competitors’ products. 2007 is shaping up to be a strong and exciting year.” |
|
| A pioneer of the data quality market sector, ISI has been providing trusted solutions since 1968. In that time the company has developed specialized expertise in delivering customer data quality and customer data integrations solutions to banks, insurance companies and other financial services firms with its i/Lytics line of products. Working with banking clients, the company launched its first regulatory compliance screening solution in 1998. ISI has continued to expand the scope and capabilities of its Fin-Scan compliance line and provides both licensed software and hosted services to financial services firms world-wide. |
|
| Other First Quarter Performance Achievements: |
| |
• |
|
98% Renewal Rate – ISI secured a near-perfect renewal rate with existing clients up for renewal during the first quarter of 2007. |
|
|
|
| • |
|
SAP Integration – ISI completed integration of the i/Lytics Enterprise Data Quality Suite with the SAP CRM system for the Mexico-based subsidiary of a global insurance company. |
|
|
|
• |
|
Launch of Fin-Scan – The formation of this compliance solutions business group underscores ISI’s commitment to the expansion of its compliance software solutions portfolio and signifies its intention to manage this growth business as a business division independent from its long-established data quality operations. |
|
|
|
• |
|
Growth in Hosted Compliance Service – By quarter end, Fin-Scan was performing compliance checks on more than 450 million names per annum. In addition to its SAS 70 compliant US-based data center, ISI is establishing a UK-based, SAS 70 compliant data center in order to keep pace with the increasing demand for compliance screening solutions in Europe. |
|
|
|
• |
|
Compliance Partnerships – ISI has completed integration of its Fin-Scan solutions with large proprietary PEP (Politically Exposed Persons) databases offered by third-party heightened risk data providers. Additionally, Fin-Scan is being opened to other leading data providers to enhance the scope and breadth of data that clients can access as part of their KYC (Know Your Customer), CIP (Customer Identification Program), restricted parties screening, and enhanced due diligence activities. |
|
|
|
| About Innovative Systems, Inc. |
|
|
| Innovative Systems is a world leader in delivering enterprise customer information solutions to organizations whose success depends on a complete and accurate understanding of their customers. ISI's data quality, data management, and compliance solutions include the i/Lytics® Enterprise Data Quality Suite; i/Lytics GLOBAL™ a CASS-certified address verification solution; Synchronos™, a master data management solution for enterprise customer data, and FinScan for compliance list, sanctions and PEP screening. |
|
| Since 1968, companies worldwide have relied on ISI’s data quality software, systems integration, database solutions and customer data quality audits. The company has set the standard for data quality management in thousands of applications in more than 30 countries. ISI maintains headquarters in Pittsburgh, Pennsylvania, with European operations based in London. The Innovative Web site is located at www.innovativesystems.com. |
|
|
| Company Press Contact: |
Karin O'Sullivan
Innovative Systems, Inc.
Tel: +1 (412) 937 7678
kosullivan@innovativesystems.com |
|
Trademark Notice
i/Lytics, i/Lytics Data Profiler, i/Lytics SECURE, eWatchLine, FinScan and Synchronos are trademarks of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners. |
|
|
|
