As we are now halfway through 2014, I thought that it would be an excellent time to give you an update on Kyriba’s progress this year, both from a business and a financial perspective.
I’m very excited to say that Kyriba has seen phenomenal growth so far this year. During the first two quarters, we signed 90 clients worldwide, so we are on pace to double the number of new clients signed in 2013. Many of these clients are large industry leaders, from Fortune 500 brands to one of the world’s 10 largest banks. In particular, we are seeing significantly increased interest in our supply chain finance platform, and have signed a number of clients in that area.
I am particularly happy by the growth we have seen in our “newer” markets of Northern Europe and Asia (Japan and Singapore). Bookings in Northern Europe grew by an incredible 554 percent over the first half of last year, and Japan’s bookings growth was 146 percent. Our Singapore office, which opened at the beginning of the year, as I mentioned in my last update, is also seeing excellent traction, and I am confident that we will see similarly high growth rates across South East Asia. Our Japanese office, which we launched as a joint venture two years ago, also announced a strategic investment from Mitsubishi UFJ Capital and Mizuho Capital, which are the venture arms of Japan’s two largest banks. In addition to this capital injection helping us continue our growth across the region, this deal certainly validates our position and strategy.
Moving to the technology side, we have also had a great few months. Kyriba Enterprise was certified as Built for NetSuite, which will open up Kyriba’s benefits to a large new audience of NetSuite clients. In addition, we were also honored by NetSuite as its SuiteCloud Enterprise Partner of the Year.
Kyriba has also continued to drive its leadership position in bank connectivity. We recently announced an agreement to provide SWIFT’s cloud-based bank connectivity solution, Alliance Lite2, through Kyriba Enterprise. This will provide yet another option for Kyriba clients who wish to streamline their banking connectivity process.
Our product development team also continues to excel. We moved to an agile development process late last year, and this has enabled us to streamline and speed up our release cycle. In May, we released Kyriba 14.1, our second update of the year, containing a wide range of functionality improvements. Kyriba invests 22 percent of revenues in R&D, and will continue to issue product upgrades throughout 2014. With our second release of the year rolling out during Q2, we continue to be the innovation leader in the TMS market.
Please do not hesitate to contact me personally if you have any questions, and I look forward to sharing further information with you in the coming months.