Complinet Closes Successful 2007 and Prepares for Further Growth in 2008 as Market Conditions Fuel Demand for More Efficient Compliance Solutions.Rounds out year-end 2007 with record quarter; increases presence in Middle East; launches in Asia-Pacific; and secures $37m investment from Fidelity NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and LONDON -- Complinet, the leading provider of dynamic and connected risk and compliance solutions to the global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, today announced that it achieved strong double-digit revenue growth in its financial year, which ended on March 31, 2008. The three months leading up to March 31st represented the company's strongest quarter since it was founded in 1997, providing a strong indication of the growing worldwide demand for solutions that ease the compliance process and reduce the likelihood of non-compliance. Complinet won 300 new customers in 2007, bringing its total number of customer organizations worldwide to 1,600. "Delivering cost-effective risk and compliance initiatives has become a major challenge for financial institutions, particularly those that operate across multiple geographies and offer many different product lines," said Chris Pilling, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Complinet. "Recent market conditions have driven companies to address how they balance operational burden and related costs against continued regulatory obligation. We deliver cost effective risk management, which is crucial when expenditure is under scrutiny." Landmark 2007 Achievements Other landmark achievements for Complinet in 2007 included 200% revenue growth in the Middle East; the opening of the company's first office in Asia-Pacific; a multi-million dollar investment from Fidelity Equity Partners; and the launch of two major new solutions: Complinet Tracker and MyComplinet. Significant Growth in the Middle East: The Middle East is key in Complinet's growth plans. The company has its regional offices in Dubai and over the last year it has experienced 200% growth in revenue. Complinet has a number of new customers in the region and also hosts the rulebooks for the Central Bank of Bahrain The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No. (CBB CBB Celebrity Big Brother CBB College van Beroep voor het Bedrijfsleven (Dutch) CBB Cattlemen's Beef Board CBB Coalition for Buzzards Bay CBB Could Be Better (visual effects) CBB Can't Be Bothered ), the Dubai Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (DFSA DFSA Dubai Financial Services Authority (Dubai International Financial Centre) DFSA Direct File System Access (MOSIX) DFSA Drug-Facilitated Sexual Assault DFSA Deterministic Finite State Automaton ) and the Qatar Financial Centre Established in March 2005, the Qatar Financial Centre (QFC) is a business and financial centre located in Doha, providing legal and business infrastructure for financial services. Regulatory Authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities (QFCRA). Launch of Complinet Tracker: During 2007 Complinet continued to provide new solutions to help financial services organizations increase operational efficiency and reduce risk. Launched in September 2007, Complinet Tracker is the first enterprise-wide early-warning system for upcoming regulatory change. By continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. monitoring concept releases, consultation documents, and modifications to regulations, Complinet Tracker allows organizations to view, prepare for and comply with rule developments with greater speed and accuracy, reducing the risk of a compliance breach. Complinet Tracker reduces costs and increases compliance effectiveness dramatically by providing immediate visibility and insight around regulation as it develops. Launch of MyComplinet: With another industry first, Complinet brought the global compliance community closer together in October 2007 with the launch of MyComplinet. This is the first dedicated online community and professional networking site for compliance practitioners. A free service, MyComplinet connects compliance peer groups nationally and globally, and provides up-to-date information and analysis. Within five months of launch, MyComplinet had connected 19,000 members. New Asia-Pacific Office: Complinet opened its first Asia-Pacific office in Sydney, Australia, employing local and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. industry professionals to analyze and deliver relevant compliance intelligence to financial institutions based in the region. Complinet is poised for further growth in the region, with eight per cent of the company revenue derived from its customer base in APAC APAC Australian Partnership for Advanced Computing APAC Agricultural Policy Analysis Center APAC Asia and Pacific APAC Asian Pacific American Coalition APAC Adapted Physical Activity Council (American Alliance for Health) . $37m Investment from Fidelity: Recognizing the increased demand for compliance solutions worldwide and Complinet's unique market position and best of breed approach, Fidelity Equity Partners invested US $37 million (PS18.5 million) in Complinet in March 2008. The funds will help Complinet continue to develop and enhance its sophisticated compliance solutions and to increase its global reach. About Complinet Complinet is the leading provider of dynamic and connected risk and compliance solutions to the global financial services industry. The company's solutions minimize exposure to risk by providing the information and technology to track and connect live external events, such as regulatory or sanction sanction, in law and ethics, any inducement to individuals or groups to follow or refrain from following a particular course of conduct. All societies impose sanctions on their members in order to encourage approved behavior. changes, with internal policy management and screening activities. Complinet was founded in 1997 and employs more than 200 people in its offices in New York, London, Sydney and Dubai. Every day, industry professionals in more than 1,600 firms across 81 countries rely on Complinet to provide information, analysis and solutions that help them keep pace with changing regulations. www.complinet.com |
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