TORONTO, November 10 /PRNewswire/ -- Clarity Systems, a leader in corporate performance management (CPM) and financial governance solutions, today announced a fourth consecutive year of record revenue growth, for the 12-month period ending September 30, 2009.
Our product leadership in the Corporate Performance Management (CPM) and financial governance markets and superior sales execution combined to provide us with strong sales growth across all worldwide geographies, said Frank Pizzolato, CEO, Clarity Systems. This was fuelled in part by an expanding channel presence, resulting in 40 percent year-over-year revenue growth, which dramatically outpaces other CPM and Financial Governance vendors in the market, in spite of the tough economic conditions of the past 12 months.
Hiring continued apace at Clarity Systems in FY 2009, with software developers, service consultants and sales staff being added to maintain the company's technological superiority and outstanding reputation in customer service. The term 'jobless recovery' hasn't applied to us, said Pizzolato, given our financial performance over the past year and the fact that we added more than 100 employees and dozens of partners to meet the growing demand for our solutions and services, added Pizzolato. Clarity anticipates strong sales growth to continue in FY 2010 and will add to its employee and partner resources as required to meet this growth.
Continuing CPM and Financial Governance Leadership
Clarity's product leadership was demonstrated throughout FY 2009 as the superiority of the firm's integrated approach to delivering XBRL tagging within the external reporting process added scores of new clients to the Clarity FSR base. Our selection as one of only a few 'cool vendors' by a leading industry analyst(1) was based on Clarity FSR's ability to offer 'real benefits in terms of business performance,', which accurately represents the one-of-a-kind force that FSR has become, said Mark Nashman, President CTO, Clarity Systems.
Significant enhancements to Clarity 6 were also delivered this past year. New features spanning budgeting, planning, forecasting, consolidations, data visualization and management reporting combined with significant performance improvements ensure that our industry-leading CPM solution helps our customers make better business decisions, faster, says Mark Nashman, President and CTO, Clarity Systems.
Dramatic Increase in Sales Coverage Across All Regions
The addition of new offices and direct sales and service staff across North America, the UK, continental Europe and Asia-Pacific led to accelerated sales of Clarity 6 and Clarity FSR.
Besides expanding our US and London office footprint and opening new offices in Geneva and Bucharest, our channels expanded tremendously in 2009, observed Paul Hill, Chief Operating Officer, Clarity Systems. Accounting firms, stock exchanges, solution resellers, implementation vendors and key regulators showed their confidence in Clarity by adding Clarity FSR and Clarity 6 to their lineups, signifying a vote of confidence in our ability to engineer win-win alliances to meet customer needs.
Some highlights of channel growth in FY 2009 included: - A closer, more strategic relationship with Microsoft, given its decision to leverage partners like Clarity for its customers' CPM needs; - A strategic relationship with Bowne was established, which led to significant sales of Clarity's software to Bowne's client base; - Thomson Reuters Tax Accounting group began actively promoting Clarity's software to its client base now that their Checkpoint solution content can be delivered via Clarity FSR; - A successful three-year reseller agreement with Elite evolved into a strategic OEM agreement that sees Clarity 6 embedded in the Thomson 3E flagship application, with the result that hundreds of legal firms including half of the world's top 10 are now using Clarity; - The London Stock Exchange (LSE) has engaged Clarity to help its member companies automate their external reporting process through its RNS Submit service, by offering Clarity FSR as a formatting and submission option; - Formal relationships with many of the largest global accounting firms, including KPMG, Deloitte and BDO Dunwoody, were achieved in FY 2009 and these and other accounting firms are pursuing joint account development with Clarity across a wide range of countries; - More than 20 new technology and service reseller and implementation partners were signed on to expand the global presence into new geographies, including Australia, South Africa, Chile, Greece, Portugal, Spain, Turkey, Russia and Hong Kong.
OTHER KEY EVENTS
The company's annual customer conference, Vision:09, posted a record number of attendees - primarily CFOs, controllers, external reporting managers and other decision makers from the Office of Finance - representing firms from multiple industries, ranging from mid-market to enterprise-sized firms. Vision:10 will be held at the Fairmont Scottsdale Resort, May 16-19, 2010 (see http://www.claritysystems.com/vision/).
Clarity FSR was used as the basis for a new solution - Clarity e-Tariff Management Solution (Clarity eTMS) - that ensures that oil gas and electricity utilities across the U.S. can submit their tariffs in XML format, as mandated for an April 2010 due date by the Federal Energy Regulatory Commission (FERC), in Order 714.
About Clarity Systems
Clarity Systems delivers software solutions to the Office of Finance. Our software helps large and mid-market organizations around the world improve their budgeting, planning, consolidations, scorecarding and management reporting processes, and also automates their external reporting processes to support the production of regulatory and statutory reports. Our unified applications help CFOs reduce risk while simultaneously improving operational efficiency. For more information, please visit our website at http://www.claritysystems.com or call us at 1-877-410-5070.
(1) Gartner, Inc. Cool Vendors in Risk Management and Compliance, 2009 - Clarity Systems write-up by John E. Van Decker, March 19, 2009
For further information: Dave Paolini, Communications Manager, Clarity Systems Limited, +1-647-242-1184, email@example.com
SOURCE: Clarity Systems Limited
CONTACT: For further information: Dave Paolini, Communications Manager,Clarity Systems Limited, +1-647-242-1184, firstname.lastname@example.org