OpenLink Maintains Its Strong Growth in 2002
Year-end Results Highlight Market Share Gains, but Challenges Will Continue in 2003
Mitchell Field, NY - March 28, 2003 - OpenLink Financial LLC (OpenLink), an industry leader in energy and financial trading, risk management, and operations software solutions, today announced its 2002 year-end results showing continued success in spite of worldwide economic obstacles. Annual revenue of $62.3 million--a 28% increase over the company's previous year's record highs--and pre-tax profits of $11.6 million were recorded for the year ending December 31, 2002. License and maintenance fees accounted for 65% of annual revenue, while the company's client base and number of installation sites increased 28% and 32%, respectively, marking a strengthened worldwide financial and energy commodity markets presence.
"While global economic pressures continue, OpenLink's diversified, 'risk adjusted' business has allowed us to remain focused on our core business objectives," said Kevin Hesselbirg, OpenLink's COO/CFO. "In the short term, our dedicated staff of industry and technology experts are prepared for what will be a challenging pursuit of our 2003 goals. Our continued strategic investment in new solutions, products, and technologies; geographic growth opportunities; and other improvements will ensure that OpenLink remains a leading software provider for our customers and the markets we serve."
In 2002, OpenLink signed a number of key licensing agreements with prominent money center banks, global energy firms, central banks, asset-based energy companies, and regional financial institutions operating in North America, Latin America, Europe, and Asia Pacific. This growing and diversified client roster highlights OpenLink's breadth of product offerings and competitive strength.
"The current market weaknesses and budget cuts at many energy firms and financial institutions will have a material impact on our business in 2003, and we are projecting a flat to 15% decrease in revenue for 2003, but we will remain profitable," said Coleman Fung, OpenLink founder and CEO. "Nevertheless, with our strengthened portfolio of new products and solutions, such as our Global Operational Risk Solution, and pMotion and gMotion scheduling products for the power and natural gas markets, we are confident that we will continue to gain market share in 2003. More important, based on our sales pipeline activities, this momentum will accelerate into 2004 and beyond."
Founded in 1992, OpenLink is a leading provider of trading, risk management, and operations software solutions. The company's Adaptive, Dynamic, and Integration-enabling (ADI) Framework-based solutions support the most rigorous business requirements of firms trading in energy, interest rate derivatives, fixed income securities, foreign exchange, money markets, metals, and soft commodities. OpenLink's global client base includes Banco de Mexico, Bank of America, Bank for International Settlements, Bank of Canada, Bank of Scotland Treasury PLC, Bridgeline Holdings, Deutsche Bank, Edison International, Enbridge, Mirant, Nexen, Shell, and Vattenfall Europe Trading. Headquartered in Long Island, New York, and with offices in London, Houston, New York City, Berlin, Sydney, São Paulo, and Tokyo, OpenLink employs more than 270 professionals worldwide.