CFT ranking among the largest Russian IT companies
CNews Analytics has published a new version of its rating, the CNews100: Russian largest IT companies. The Center of Financial Technologies Group is ranked 27th in the total revenue out of all Russian IT companies (all industries were analyzed), which is one spot higher than the company’s 2009 position. The company’s total revenue in 2010 amounted to 5,763,061,000 rubles
According to CNews Analytics, the total revenue of 100 largest Russian IT companies in 2010 was about 757 billion rubles, which is the highest figure in the ten-year history of the CNews100 rating. This kind of growth, 45%, is unprecedented, especially when comparing with the 2009 data. This fairly rapid market rebound supports the experts’ forecast regarding the pent-up demand that was promised to emerge in 2010–2011.
According to Andrei Visyashchev, CFT Chairman of the Board, ‘The market segments for software development (+ 30%) and IT services (+ 25%) recovered more quickly than other segments, which was largely due to the revival of global automation projects that were put on hold during the hardest part of the economic crisis. We could conclude from this data that the market has almost returned to its peak of 2008, and the software development market segment has even exceeded 2008 performance figures.’
In an interview with CNews magazine, Andrei Visyashchev gave an assessment of the market for Russian banking software, ‘Today, Russian software developers are proving to be serious competitors to their Asian, Middle Eastern, and Eastern European counterparts in the markets in Eastern Europe, the CIS countries, and China. In 2010, our software solutions were adopted by Commercial Bank (Kyrgyzstan), VTB Bank (Azerbaijan), Belpromstroibank (Belarus), Universalbank (Moldova), FinComBank (Moldova), Agroinvestbank (Tajikistan), and Fononbank (Tajikistan). I wouldn’t rule out the idea of Russian banking software making inroads into major foreign banks in the nearest future, including via their Russian branches that use domestic software.’