Longtop Ranked #1 for Banking and #2 for Insurance IT Solutions in China in 2009 with Increased Market Share
HONG KONG, Aug. 10 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that industry analyst firm IDC has named it the leader in China's Banking IT solution market in calendar year 2009, with market share increasing to 8.2% from 5.7% in 2008 when Longtop also led the ranking. Longtop was also named by IDC as #2 in China's Insurance IT solution market for the 2nd consecutive year, with market share increasing to 13.0% in 2009 from 10.7% in 2008.
Within the banking sector:
-- Longtop maintained #1 ranking for Management related solutions, with
market share increasing to 17.0% in 2009 from 11.4% in 2008. Within
Management related solutions, Longtop remained #1 for Business
Intelligence (BI) solutions, with market share increasing to 44.0% in
2009 from 30.5% in 2008; and remained #1 for Customer Relationship
Management (CRM) solutions with market share increasing to 22.2% in
2009 from 18.4% in 2008. Longtop also achieved the #2 position for Risk
Management Solutions with a market share of 8.8%.
-- For the first time, Longtop achieved #1 market share for Business
related solutions with market share increasing to 6.4% in 2009 from
2.4% in 2008. With the acquisition of Giantstone, a leading Core
Banking solution provider in China, Longtop achieved #1 ranking for
Core Banking solutions with market share of 8.3%. Longtop also
maintained #1 position for Settlement and Payment solutions with market
share of 12.1%; and
-- Longtop ranked #1 in the IDC leadership grid for the 3rd consecutive
year.
Within the insurance segment:
-- For the first time, Longtop achieved #1 market share for Management
related solutions, with market share increasing to 34.2% in 2009, from
14.8% in 2008;
-- Longtop maintained #3 ranking for Channel related solutions as well as
Property Core Insurance solutions; and
-- Longtop ranked second in the IDC leadership grid, scoring highest in
development potential while taking second position in terms of current
market position.
"We are very pleased with these leadership rankings that indicate we continue to gain market share in both the banking and insurance sectors, underscoring the strength of our business model and execution. Longtop remains the only service provider in China that is in the top ten for both banking and insurance verticals," said Weizhou Lian, Chief Executive Officer of Longtop. "We remain fully committed to further improving our products and services and expanding our customer base while grasping the opportunities in this growing market."
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.
About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop is the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry. Independent research firm IDC has also named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar years 2008 and 2009. Headquartered in Beijing, Longtop has six solution delivery centers, three research and development centers and 95 ATM service centers located in 27 out of 31 provinces in China.
For more information, please visit: http://www.longtop.com .
For more information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: [email protected]
Phone: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: [email protected]
Phone: +31-6-5462-4301
SOURCE Longtop Financial Technologies Limited
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