Wavex confirms continued growth in Financial Services client base

London - 18 January 2011

Wavex, an award-wining supplier of IT managed services & consultancy, announced today that almost half of its annuity revenues now come from the financial sector.

Peter Sweetbaum, Joint CEO & Commercial Director of Wavex said “In recent years we have seen a consistent pattern of growth in our financial services client list, to the extent that 48% of our annuity revenues now fall into this category. Our professional services and consultancy revenues tell a similar story. With the unprecedented number of current hedge fund launches forecast to continue in 2011, we expect to grow this area of the business even further over the coming year.”

Gavin Russell, Joint CEO & Founder of Wavex, said “Our focus on high-end service delivery and genuinely consultative approach is naturally attractive to clients in this sector. Their infrastructure has to be robust, security is paramount and downtime is not an option.”
Sweetbaum agrees: “The City is a small world, and people talk to each other. We are very proud of our reputation not only within the asset management & fund management spaces, but also amongst the insurance, institutional and private equity communities. The fact that almost a quarter of all new financial services clients this year have been direct referrals from existing clients speaks for itself.”

Wavex intends to increase its City-focused service offerings in 2011, and is expected to offer a blended public/private cloud service as well as developing its consultancy services. Additionally, the company will seek to strengthen and broaden its existing partner network.

“Strong partnerships are a cornerstone of our business,” Sweetbaum continues, “and having expert partners in the key global financial centres gives us a competitive advantage that we are able to leverage to our clients’ best advantage. This is particularly important to clients who have globally distributed operations and require local support & expertise, but would like it to be centrally managed. We look forward to developing this model further in 2011.”

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