Analyst confirms SmartStream as Worldwide Reconciliations market leader
April 03, 2006
SmartStream Technologies has increased its leadership of the Worldwide Reconciliation and Exception Management market. TowerGroup’s latest research note, 'Reviewing the Players in the Reconciliations Software Market', estimates SmartStream's market share at 38%, with a 14% lead over its nearest competitor.
Commenting on the study, Martin Brown, CEO, SmartStream, stated “We are delighted with TowerGroup’s recognition of our market dominance. We have invested heavily to reinvent reconciliations as Transaction Lifecycle Management – this has left clear blue water between SmartStream and the competition. Addressing the complex requirements of the world’s leading financial institutions with TLM Reconciliations is driving substantially higher ROI, whilst TLM Corona ensures unrivalled market coverage by addressing the needs of mid sized and smaller firms.”
TowerGroup’s study forecasts an 11% CAGR for the reconciliations market driving institutional spend on reconciliations and exception management to $310m by 2009. Included in their market assessment, Matthew Nelson, Senior Analyst, TowerGroup noted, "SmartStream Technologies remains the leader in reconciliation and exception management software. As buy-side firms look to move from a basic reconciliation tool to a more robust platform integrating exception management and more generic reconciliation capabilities, we expect to see a continued high level of activity in this marketplace with a double-digit growth.”
Concluding, Brown stated, “I believe the vigour and creativity we bring to bear on this market is second to none. As our Reconciliation solutions are deployed enterprise wide, clients are not only reaping risk and cost benefits – they are creating scalable operations, connecting previously disparate processes and positively impacting customer service. The ROI that our reconciliations solutions offer is now too significant to ignore.”