Five Years On

SAI New Technologies was formed when the employees of SAI bought out the Cashbook business from Clarus Corporation (NASDAQ clrs) in December 2002. The company was founded by six company Directors who were, and still are, all employees of the business. Here are some short highlights of the previous five years.

• Customer numbers on support have doubled.
• Revenues have increased consistently year on year.
• Development expenditure has increased by 250%.
• Release of v4 as a common release for all Series I customers.
• Upgrade of over 80% of customer base to v4 release.
• Development of BACSTEL-IP compliant solution
• Development of v5 Cashbook for all IT platforms.
• Development of Global Payments, Email Remittances, Multi-company
  lockbox processing, Excel Lockbox, Automated Bank Statement
  Recognition programs, Cash to GL reconciliations.
• USA launch and growth from 3% to 35% of global revenue.
• USA sales offices launched.

Chief Executive Greg Coulter summarizes the companies’ achievements

“We bought out a business in 2002 which we all knew had tremendous potential. The business had great references from a loyal group of blue chip customers. Our customer base was anxious for enhancements to give them automation in their financial processes. For the first few years we worked extremely hard on giving those existing customers better solutions”

“In 2004/5 we started growing significantly in the USA. We always knew North America was a perfect opportunity for us due to the volume of transactions in this market and the growing trend towards electronic payments. This market (despite the dollar decline) is a vital market for Cashbook’s continued growth”.

“2008 for us is all about continued evolutionary growth. We will keep working with new ERP’s and new platforms focusing in on companies’ cash processing issues. Each project we complete makes us stronger as a company as our product and internal knowledge is enhanced with each project challenge.”

“Each and every customer is represented in our boardroom with the date that their project went live. It’s humbling to know that so many companies have put their faith in Cashbook. We don’t forget where we started from. We know we’ve come a long way but there is still a long way further to travel. We plan to make sure the next five years are at least as successful as the last five.”