CubeLogic business gathers momentum heading into 2020
40% increase in revenue
Expanding blue chip client base
Dramatically improved user experience
Growing team to support business demands
Tuesday 3rd December 2019 – London, Houston, Berlin, Bangalore & Singapore. CubeLogic, a leader in business intelligence enabled risk management solutions, today announces that they will be closing out 2019 on a record high, having achieved a 40% increase in revenue and growth in all areas of the business.
Since January 2019 CubeLogic have signed six new major clients including; a leading global energy provider, one of the world’s largest Fortune 500 oil companies, a Canadian oil major, a wholesale energy firm, a chemicals company, and a leading technology driven ETP trader. Notably of these signings is the oil major, initially using the position limits and trade surveillance capabilities which further validates the acquisition of Ferdec earlier in the year. Also with the ETP trader CubeLogic are working alongside Numerix, of whom the firm partnered with in April 2019.
CubeLogic are not only broadening their target markets, now providing solutions to insurance and financial services sectors but they are deepening their relationships with the existing client base in the energy and commodity sector. Primarily as a result of the release of V7.1 in September 2019. This latest version brings the most advanced user experience to date. Designed for the modern workplace it offers an intuitive mobile interface and much faster loading times, amongst other improvements. The firm now has nine clients signed up to their SaaS offering (released February 2018) with many others now looking to migrate to SaaS at their next upgrade.
Other highlights for the technology include the release of the insurance underwriting module. This has been piloted by a leading insurance and reinsurance provider. Following a successful implementation, the ‘insurance underwriting cube’ will be made available on general release in 2020.
CubeLogic has continued to invest in providing enterprise grade solutions. In October 2019 the company achieved The Service Organization Control (SOC) 2 Type II audit certification. This important accreditation confirmed the effectiveness of the firm’s internal controls for compliance and data protection. This was followed by the introduction of 24*7 global support.
Lee Campbell, CEO comments; “I’m truly delighted with the businesses performance as we close out 2019. Developing an independent technology firm in an increasingly competitive environment is challenging and in most cases the odds are against us. However, I think our success is testament to the team’s incredibly hard work and our constant desire to reinvest in the people and the technology. In recent weeks we have made a number of new hires so that when we return from the holiday period, we can hit the ground running. We have closed some significant deals in the last quarter but Q1 next year is looking to be even more fruitful with several prospects at final contract stage and a significantly progressed pipeline. It’s imperative that I empower the team with the best resources and the freedom and culture to be able to thrive and continue to push the boundaries of risk management.”
CubeLogic now has offices in London, Bangalore, Houston Singapore and Berlin. They employ some 80 people and serve 40 global household name clients.
CubeLogic is the supplier of the Risk3 business intelligence enabled risk management platform for all energy, commodity and financial exposures arising from market risk, credit risk, liquidity risk and regulatory compliance factors. CubeLogic’s founders are renowned experienced industry specialists who have an impressive track record of developing and implementing global risk IT solutions. In the current volatile market conditions, CubeLogic addresses the increasing demand for robust, cost effective Business Intelligence solutions for risk management.
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