SilverBridge, a provider of software solutions to the financial services industry, has posted a profit after tax of R1.9 million for the six months ending 31 December 2013. It remains focused on continuing the momentum gained since returning to profitability during the previous financial year.
"SilverBridge has strategically focused on maintaining profitability, and to this end, has made a profit every month for the past six months," says Jaco Swanepoel, CEO of SilverBridge.
According to Swanepoel, SilverBridge embarked on a number of strategies to ensure profitability, not least of which was the establishment of its Connect services business.
"Through Connect, we have been able to separate the product business from the services business. Clients now have more clarity in respect of our offerings and how best we can add value to their business."
Annuity income has increased significantly, with growth in clients' businesses and adding new clients to the fold.
"The changing environment within our target market continues to present new opportunities as financial service institutions search for ways to reduce costs and improve services to their clients. We continue to see financial service providers driving internal efficiencies and differentiating their products as a means to capture and retain market share. SilverBridge remains well positioned to meet these needs," says Swanepoel.
However, he admits there are still challenges and risks which the company will manage and mitigate. Nevertheless, the outlook remains positive.
"Building annuity revenue remains an ongoing goal. Making implementations simpler and improving our quality as well as that of our partners, will support this. We continue to actively develop our partner channel and refine the tools and processes to enable efficient delivery," concludes Swanepoel.
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