FIRM58 Achieves Record Financial Results in 2011; Positive Outlook and New Compliance Products for 2012
CHICAGO, January 10, 2012 — Firm58, the global market leader in integrated Commissions Management solutions including Billing, Profit Analysis, Commission Sharing/CSA Management and Compensation, announced record results for 2011 fueled by continued strong growth in client revenues. “With the highest run-rate performance in our Company’s history, we are well on our way towards continued growth in 2012 via recurring revenue from existing subscribers, new business acquisitions across the trading, brokerage and exchange industries, and new strategic alliances” said Nick Fera, CEO of Firm58.
During 2011, Firm58 added a significant number of new clients to its blue chip client list of leading brokerages and exchanges. “These new clients — like Merlin Securities and Macro Risk Advisors — are looking to improve their revenues and better analyze their own cost structures while providing significantly better customer service,” said Fera. “Particularly in this challenging market environment with increasing demands on all parties, our ‘road-tested’ SaaS –based solutions enabled our clients to improve profitability through more efficient automation and better internal analytics.”
In 2012, the Company plans to release an important new offering centered on trade Compliance. Already in use by several Firm58 clients, the Company will formalize and launch its new Compliance Reporting offering in the first quarter of 2012. This new fully-automated reporting solution will focus on increasingly mission-critical operational, regulatory and risk management functions, including Wash Sales, Short Sells, Exception Handling, Odd Lot Reviews, Large Orders and Duplicate Order Handling among others. In combination with its well-established suite of Commissions Management Solutions, Firm58 clients are able to outsource a majority of their middle and back office requirements through one dedicated, trusted and fully integrated provider.
Fera stated, “since 2005 we have worked to address the most complex middle and back office needs of the world’s most demanding broker dealers and exchanges. As those needs expand in response to both customer requirements and new regulation, Firm58 will continue to adapt and innovate as we have in the past to meet our clients’ needs and improve both their operational and financial performance.”
Given the current complexity of equity and options trading, the pressure on operating margins, and the demand for auditable compliance through transparency into trading activity and charges, the market increasingly looks to Firm58 to replace legacy internally-developed solutions that no longer scale or fit the needs of the current environment.
Fera added, “in addition to our outstanding growth via both existing and new clients, we anticipate the announcement of new strategic alliances in 2012 that will further accelerate our growth and enhance our ability to deliver cost-effective solutions to our wide range of clients.”
About Firm58, Inc.
Firm58 simplifies trade operations for capital markets firms. The company’s web-based financial management software manages the processes associated with fees, commissions and payouts to help increase revenue and operational efficiency, and reduce costs. The Software as a Service (SaaS) platform automates middle- and back-office processes across asset classes to provide insight into daily profitability and protect revenue. Firm58 offers solutions for billing, profitability analysis, commission sharing arrangements/soft dollar management, compensation, and accounting. Clients include global market exchanges and execution venues, leading institutional brokerages, clearing and non-clearing broker-dealers, and proprietary trading firms. Founded in 2005, Firm58 has offices in Chicago and New York, and is backed by New World Ventures and North Bridge Venture Partners. For more information, visit www.firm58.com.