Brokat back to its roots

After unsuccessful forays into new product areas, Brokat has refocused on the very thing that made it good in the first place: financial software.

  • E-Mail
By  David Ingham Published  October 15, 2001

Brokat Technologies has emerged from a restructuring process refocused on the very thing that made it famous in the first place. After shedding the mobile payment products that it acquired at some expense prior to the NASDAQ crash, Brokat is now exclusively focused on the financial services sector.

Until a few months ago, Brokat’s entire future had been in question as the company struggled to keep up the payments on a bond issued to fund its expansion into the US market. Now, with unprofitable product lines gone, a slimmed down workforce and the bond rescheduled, Brokat says it’s on track to clear its debt by the end of the year.

“We’ve really gone back to what gave us our original growth and success,” says Paul McCarthy, managing director, Brokat. “When the company IPO-ed our core business was delivering core banking solutions.”

Brokat’s future would appear to be secure therefore and McCarthy says there was never any question of a regional pullout to cut operating costs. “We have explained the position to customers and the feedback from them is that they are very confident,” says McCarthy. “We believe this is going to be a good region for Brokat to continue to work in.”

Now that it’s refocused on the financial sector, Brokat’s efforts will be going into expanding its product lineup and selling more to its existing base. It originally made its name with Twister, a product that acted as the building block for retail Internet and mobile banking solutions.

Now, it’s paying more attention to the corporate side of things, both online banking and cash management. “The applications out there are very much focused on retail, but hardly any banks have a good corporate offering,” argues McCarthy.

Brokat sees cash management software as having huge potential, given growing competition and slimming profit margins. “It effectively shows you your cash position in realtime,” says Nigel Spear, regional manager for Brokat.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code