CubeLogic excels across all fronts in H1 2020
60% increase in revenue from H1 2019 to H1 2020
Eight new client wins
Eight successful go lives
Version 7.2 released with version 7.3 imminent
CubeWatch PL Launched
London, Bangalore, Houston, Berlin. Friday 3rd July 2020 – CubeLogic, the market leading provider of enterprise risk management solutions for the energy, commodities, and financial markets, today announces a record start to 2020. Despite uncertain economic circumstances the business has rapidly gained momentum in the first half of this year.
Revenues have increased approximately 60% compared to H1 2019, primarily due to the new client wins mentioned but also combined with existing client upgrades and other upsells.
CubeLogic has signed eight new client contracts from January to June including; two major international commodity trading firms, one of the largest Canadian energy companies, a major UK focused energy provider, a global trading firm, a leading Swiss energy producer, a US-based independent system operator responsible for managing the electricity grid across several large states and finally a Spanish multinational electricity utility. The impact of the COVID pandemic and ever greater regulatory scrutiny of abusive trading practices have driven these firms to procure the market leading credit risk management and transaction surveillance capabilities of the RiskCubed suite and CubeWatch monitoring tools.
CubeLogic also successfully implemented eight systems to go live in the period, including six existing clients that upgraded to newer versions and two brand new clients that had signed with CubeLogic in H2 2019.
In April 2020 CubeLogic launched version 7.2 of RiskCubed. This release included; the transformation of the credit scoring module, powerful new workflow features, continued improvements in the HTML5 user interface, an integrated cash collections module, extended credit insurance capabilities, a new exchange margin scenario tool and further enhancements to the generic rules engine. The next version 7.3 release is due any day now which brings Chinese / Unicode character set compatibility and then a major new version 8.0 release is planned in December 2020.
Lastly CubeLogic also launched CubeWatch PL – a comprehensive, real-time position limit monitoring solution which enables Front Office, Compliance and Risk to monitor position limit utilisation across the organisation in real-time. It covers over 80 exchanges and regulatory regimes globally including, MiFID2 and CFTC for commodities.
Lee Campbell, CEO commented. “I am overwhelmed with the progress we have made this year. Like many businesses, when COVID struck there was huge uncertainty, there still is, but I am so delighted with how the team have ‘kept calm and carried on’. Without being able to travel we anticipated that some of our deals in the pipeline would be delayed but surprisingly we have not only delivered those we expected but have signed several new ones – one of them in particular with a two month sales cycle – anyone in this business knows that’s virtually (excuse the pun) unheard of!”
CubeLogic is the leading supplier of business intelligence enabled enterprise risk management solutions for all energy, commodity and financial markets exposures arising from market risk, credit risk, liquidity risk and regulatory compliance. 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. https://cubelogic.com/
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