Duco announces double revenue and expands global footprint
- Compliance , Data
- 07.06.2017 08:45 am
Duco, the global provider of self-service data normalisation and reconciliation services, today gave an update on its year-end results. Highlights include well over 100% growth in annually recurring revenue (ARR), a 50% increase in new clients, and significant development of the firm’s flagship reconciliation platform Duco Cube. Alongside this, Duco increased its footprint in New York and London, adding key senior management and personnel focused on research and development, client services and commercial expansion. By using Duco Cube, clients have saved over 5000 man hours per day in manual reconciliation time.
Demand for Duco Cube was driven by firms wanting to reduce costs, eliminate manual controls and address data challenges with legacy systems. Business in the UK and Europe saw growth due to regulatory requirements for EMIR, MiFID and the upcoming MiFID II, alongside supporting system migration activities. US growth was fueled by take-up in listed derivatives and the buy side. At the macro level, Duco benefitted from Software as a Service (SaaS) platforms becoming a mainstream option for the financial services industry.
The company extended its strategic agreements with several existing clients and made a number of key wins across global banks, brokers and buy-side firms. In addition, Duco expanded into new industry verticals, signing a major international distribution agreement with CME Group, as well as new commercial deals with fund administrators and payments firms. The company also extended its global support structure, setting up a data center in Luxembourg following the deployment of Duco Cube for Societe Generale Bank & Trust. This continues to fuel Duco’s investment and international expansion strategy.
Christian Nentwich, CEO of Duco, said: “We have had yet another strong year and Duco is well positioned for further growth. As cost pressures, upcoming regulation and the search for efficiency continue to shape the industry, there is an ongoing shift from legacy processes to using agile, quick-to-deploy technology. We continue to set the standard in this space with a SaaS-based platform that’s live in 24 hours from contract signature, with return on investment in 30 days. Only Duco provides a self-service reconciliation tool that truly puts business users in control.”