Financial Insights Achieves Major Company Milestone; Firm Reports First Full Year of Profitability in Just Its Third Year
FRAMINGHAM, MA – NOVEMBER 14, 2005 – Global independent research and advisory firm Financial Insights, an IDC company, today announced outstanding revenue growth of 40% year over year in its third fiscal operational year (ending on September 30, 2005). This achievement is more than 370% revenue growth over Meridien Research's last operating year (Meridien Research was acquired in November of 2002 as part of the Financial Insights launch). In addition the company reported its first full year of fiscal profitability.
Financial Insights grew both its client and employee base considerably. The company expanded operations and research coverage into both Mexico and Brazil while continuing its coverage of North America, Europe and Asia Pacific. The company now has employees based in the following countries: United States, United Kingdom, Germany, Italy, Mexico, Canada, Singapore, and Kuala Lumpur. Total clients now exceeds 195 located in 16 different countries around the world.
"Profitability is a major milestone for any company, particularly in its third year," said Michon Schenck, COO, Financial Insights. "But profitability in our market (the FinTech advisory market) seems to be particularly difficult to achieve as evidenced by other providers in our industry. We see expansion in every part of our business, whether it is syndicated research, conferences, consulting or custom research. It is gratifying to have achieved our market leading position in such a short period of time."
Financial Insights has also formed several strategic partnership agreements contributing to the growth of the company, such as the annual FinTech 100 ranking with American Banker of financial technology providers, as well as initiatives with its parent company, IDC, which generated a wealth of conference programs, both of which contributed to the bottom line and brand recognition.
Financial Insights has met or exceeded all the major milestones of its original business plan, formulated and approved by its parent company's board of directors in September of 2002. It is a strong testament to the success of IDC's new vertical market strategy.
"Financial Insights has exceeded expectations across the board," said Kirk Campbell, President and Chief Executive Officer at IDC. "We are delighted by the outstanding performance and unprecedented growth that Financial Insights has achieved. We see the firm as one of our key strategic initiatives at IDC and IDG, and it is always welcome to have such a major investment pay off."
About Financial Insights, an IDC Company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Latin America and Europe, and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.