CFT is one of the five largest Russian IT developers
CNews Analytics has published an analytical review, ‘The IT Market: A Look at 2010. Gearing Up for the Cloud-Storage Craze.’ The 2010 results show that CFT is one of the five largest Russian IT developers
CFT is the only financial IT company to rank among the top five IT developers in Russia in terms of revenue from sales of proprietary products.
CFT earned 4,689,502,000 rubles from sales of proprietary products in 2010, which amounted to 81.4% of the company’s total earnings of 5,763,061,000 rubles.
Andrei Visyashchev, the CFT Group’s Chairman of the Board, commented on the CNews Analytics ranking of the largest Russian IT developers, ‘By mid-2010, a surge of growth had replaced the stagnation in the banking industry. In some banks, the number of IT projects and the size of the IT budgets allocated were even greater than the numbers seen in the boom year of 2008. As a result, the CFT Group’s total 2010 earnings reached 5.7 billion rubles (+36.3%), including 4.7 billion rubles of revenue from the sale of our own proprietary products. We engaged 19 new clients for our banking software last year and signed 59% more contracts with our existing customers. You could see a gradual change in the market strategy of Russian banks during this time. Their focus shifted from pursuing new clients to fighting over the existing customers. In this context, the unique character of a banking product became increasingly more important. From a business standpoint this meant that there was greater pressure on new products to enter the market more quickly. Consequently, there were also greater demands on software developers’ ‘response time’ to the new needs of banks. One of our new product ideas took the form of an Application Catalog for the CFT platform, which currently includes over 800 applications.’