Financial Insights Closes Out Year With Record Sales
FRAMINGHAM, MA – NOVEMEBER 17, 2003 – Leading independent research and advisory firm Financial Insights today announced the completion to a remarkable first year. Financial Insights, an IDC company, was formed in November last year through the acquisition of Meridien Research and significant investments from IDC. IDC is a market leader in global technology market research and consulting. Financial Insights (whose fiscal year end is September 30), announced top line revenue growth of 59% over Meridien’s last fiscal year. The company overachieved all major components of their business plan. Financial Insights signed multiple new clients in the last year, many of them the world’s leading financial institutions as well as some of the world’s largest technology companies. The company has doubled in size with hires in all areas of operations including research, sales and marketing. Financial Insights has also expanded internationally and now has employees in Japan, Singapore, United Kingdom and Canada. In addition, the company announced that sales and revenue growth exceeded its budget targets. The company also earned better than expected margins.
“We are thrilled with our results this year on several key fronts,” said Michon Schenck, COO, Financial Insights. “Putting up these kinds of numbers in this economic environment is an outstanding achievement that no other firm can match. Our increased revenue quarter over quarter, the increased volume and quality of our research, the number of customers that we’ve acquired, and our global expansion have established us as an instant leader in the market. Moving forward, we will continue to focus on providing customer value and increasing our presence around the world.”
Last month, Financial Insights held its first client conference, “Insights 2003,” which drew record attendance and featured keynotes from various industry luminaries including former SEC chairman, Harvey Pitt and Vanguard founder, John Bogle. Said Bogle of the event, “I thoroughly enjoyed my participation in Financial Insights’ first annual client conference. It struck me that you rarely get this kind of gathering in the financial services community where both business and technology executives came together to better understand the major trends and issues in our industry. Technology plays such a pivotal role in our industry that I personally found the sessions very informative and dare I say “insightful”, no pun intended of course.”
Financial Insights is a critical component in a new strategy by parent company IDC to better serve business executives and CIOs in key vertical industries with superior market insights and technology advice. Investment funds have been allocated to launch separate companies focused on specific markets, Financial Insights is the first of these companies. IDC’s strategy is to provide a unique combination of significant industry depth within each company along with the geographic reach and technology breadth already provided by IDC.
“In what can only be described as an extremely challenging economic environment, Financial Insights has exceeded expectations across the board,” said Pat McGovern, Founder and Chairman of parent company International Data Group (IDG). “We are tremendously gratified to see such a wonderful proof point of our new strategy for vertical market research. We look forward to watching Financial Insights continue to flourish around the world as an important member of the IDC and IDG family.”
About Financial Insights, an IDC Company
Financial Insights provides independent research services to users and providers of financial industry technology. The company was formed in November 2002 by combining Meridien Research and the IDC Financial Services Advisory group. The Retail Financial Services practice offers four areas of focus: Payments, Channels, Customer Strategies and Wealth Management. The Capital Markets practice offers Trading Technologies and all aspects of Risk Management. The Corporate Banking practice covers cash management, wholesale payments, trade finance, and small business banking. Each practice delivers reports detailing new issues and challenges and uses its knowledge to advise clients on technology related decisions. Financial Insights is an IDC Company, headquartered in Framingham, MA. Visit www.financial-insights.com for more information.
IDC is the premier global market intelligence and advisory firm in the information technology and telecommunications industries. We analyze and predict technology trends so that our clients can make strategic, fact-based decisions on IT purchases and business strategy. Over 700 IDC analysts in 50 countries provide local expertise and insights on technology markets. Business executives and IT managers have relied for 40 years on our advice to make decisions that contribute to the success of their organizations.
IDC is a division of IDG, the world's leading technology media, research, and events company. Additional information can be found at www.idc.com