Jade Software Corporation has seen significant growth in both its platform and anti-money laundering (AML) sales, according to its latest financial report for the year ending on December 31, 2023.
The Christchurch-based firm experienced a 12% increase in revenue, rising from $40.7 million to $45.7 million over the year. This growth was partly attributed to increased revenue from its owner and major customer, the UK-based Skipton Building Society, which surged from $2.3 million to nearly $7 million.
Profitability also improved, with profits increasing from $1.2 million in 2022 to $2.6 million in 2023, marking a significant turnaround from losses reported in previous years.
Company chair Sue Suckling and CEO Justin Mercer noted that the growth was supported by expanding their market presence in Australia and the United Kingdom, particularly in sectors such as building societies, gaming, and financial services. Revenue growth was driven by increased business in the services sector, supporting existing Jade Platform customers, as well as a substantial increase in revenue from the Jade ThirdEye AML platform, which saw a 35% year-on-year increase.
One notable development during the year was a deal with US-based gaming and financial tech developer Everi Technology to distribute Jade Software’s automated AML solution for pubs and clubs in Australia.
In addition to revenue growth, the company focused on cost containment in response to high inflation. A reorganization in the second half of the year aimed to improve the company’s cost structure, while $6.6 million was reinvested into software assets, primarily the Jade Platform and Jade ThirdEye.
The improved performance over the past two years also allowed the directors to re-recognize a portion of the company’s historical tax losses, which they noted as a significant milestone for the company.
Furthermore, Jade Software strengthened its relationship with Skipton during the year, with both its CEO and chair participating in a strategy refresh within the Skipton Group to align and identify opportunities for Jade within the group.
Jade Software lists Microsoft, AWS, Google, Ambit, and Uneeq as its partners.
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