Continuity Tracking Record Growth in 2016
New leadership and product advancements spurring record revenue and client acquisition
NEW HAVEN, Conn., Sept. 06, 2016 (GLOBE NEWSWIRE) -- Continuity, the leading provider of Regulatory Technology (RegTech) solutions for financial institutions, has surpassed growth expectations through August and is on pace for record-breaking results in 2016. Punctuating this growth, Inc. Magazine ranked Continuity No. 955 on its 35th annual Inc. 5000, the most prestigious ranking of the nation's fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small businesses. "The Inc. 5000 list stands out where it really counts,” says Inc. President and Editor-In-Chief Eric Schurenberg. “It honors real achievement by a founder or a team of them. No one makes the Inc. 5000 without building something great.”
Contributing to Continuity’s growth has been the successful introduction of RegAdvisor Pro™, its regulatory change and compliance management solution, in Q4 2015. Continuity has exceeded revenue growth projections and annual recurring revenue (ARR) growth year-to-date, with a 20 percent lift in its client base. Some of Continuity’s more notable clients added through August include Banc of California, Fidelity Bank (KS) and Bank of the Ozarks. The company expects this record pace to continue through year’s end.
“We are thrilled to welcome institutions of all sizes to the RegAdvisor Pro family, from First National Bank of Syracuse to BofI Federal Bank,” said Continuity Chief Revenue Officer Michael Souza. “Continuity’s solutions are powerful and intuitive, yet cost effective and designed with client satisfaction in mind. It is quite an honor to be named to the Inc. 5000 for the 2nd straight year. We have great products, a great team and we’re very excited to build on this momentum.”
Recognizing that smaller community banks have differing needs than those of larger banks, RegAdvisor Pro is designed to be tailored to meet these different needs. BofI Federal Bank has strong internal processes for managing risk and compliance, but wanted a better way to stay on top of regulatory updates and changes. BofI’s FVP of Lending Compliance, Russ Tolleson says, “Continuity’s RegAdvisor Pro has provided BofI with an excellent customized tool for more efficiently reviewing regulatory updates and integrating that review with our other GRC information systems.” Flexibility in delivering BofI’s content is another example of Continuity’s dedication to providing solutions to institutions of all sizes, so that regulatory change management becomes easier and more cost effective.
RegAdvisor Pro repeatedly demonstrates its value to financial institutions large and small. New clients range from Bank of the Ozarks, the largest Arkansas based bank with over $17 billion in assets, to First Citizens Bank of Polson, a $19.5 million, one location bank, in Montana. Other new clients selecting RegAdvisor Pro in 2016 range from under 250 million up to several billion in assets, including C&F Bank (VA), Kauai Federal Credit Union, Standard Bank (PA), Laona State Bank, Mills County State Bank, Equity Bank (KS) and The Tennessee Credit Union. RegAdvisor Pro’s unique filtering capabilities and scalable platform reliably handle regulatory change and compliance management for clients as they grow and their needs become more complex.
Continuity has recently reorganized to better integrate and streamline internal teams, and in turn, better promote client growth and retention, ring out inefficiencies and increase revenue.
As part of this reorganization, Continuity recently announced board member Michael Nicastro assumed the role of interim CEO. In addition, Noel M. May was promoted to the position of vice president of marketing. May has over a decade of experience in the financial space and has most recently held leadership positions with SaaS and cloud providers. Prior to joining Continuity, May served as the director of marketing for BAE Systems (formerly SilverSky), a cloud security solutions provider.
“I am thrilled to be joining the executive team during such an exciting time for Continuity,” said May. “RegAdvisor Pro is the only product in the industry that delivers a complete level of compliance management to banks and credit unions. In just a short time, we have seen a record number of inquiries about our services, proving that the financial industry desperately needs a solution from a company that understands the regulatory challenge they are facing. RegAdvisor Pro, and its suite of products, is that solution.”
The Connecticut Technology Council (CTC) and Marcum LLP announced Continuity, overall winner of the Marcum Tech Top 40 (TT40) award in 2015 has made the list for the second year in a row of fastest growing technology companies in Connecticut. The Marcum Tech Top 40, now in its 9th year, recognizes technology leaders in six industry sectors, including Advanced Manufacturing, Energy/Environmental, Life Sciences, New Media/Internet/Telecom, IT Services, and Software. Continuity has been named a Tech Top 40 in the software category.
Continuity’s impressive growth in 2016 is evidence to the company’s innovative thinking and vested interest in making regulatory change and compliance solutions accessible to every financial institution. “Our continued growth validates the effectiveness of our solutions, and we’re looking forward to providing even more impressive results throughout the remainder of the year and into 2017,” said Alan Hurwitz, chief financial officer at Continuity.
To learn more about regulatory change management, visit Continuity’s newly updated website.
About Continuity
Continuity is a leading provider of Regulation Technology (RegTech) solutions that automate compliance management for financial institutions of all sizes. By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk. Our Compliance Core™ is an ecosystem of solutions designed to automate all aspects of compliance management, from interpretation of regulatory issuances through to intuitive task delegation, vendor management and board reporting. Continuity serves hundreds of institutions across 40 states. For more information about Continuity, visit www.Continuity.net.
About Inc. Media:
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today's innovative company builders. Winner of the National Magazine Award for General Excellence in both 2014 and 2012. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 15,000,000 today. For more information, visit www.inc.com.
The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list of the nation's most successful private companies has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates their remarkable achievements. The event also offers informative workshops, celebrated keynote speakers, and evening functions.
For more information on Inc. and the Inc. 5000 Conference, visit http://conference.inc.com/.
About The Connecticut Technology Council
The Connecticut Technology Council is a statewide association of technology oriented companies and institutions, providing leadership in areas of policy advocacy, community building and assistance for growing companies. Speaking for 2,500 companies that employ some 200,000 residents, the Connecticut Technology Council seeks to provide a strong and urgent voice in support of the creation of a culture of innovation. This includes working to position Connecticut as a leader in idea creation, workforce preparation, entrepreneurial aptitude, early stage risk capital availability and providing on-going support and mentoring to high potential firms. For more information, visit www.ct.org.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., Grand Cayman and China. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting and assurance services; advisory, valuation and litigation support; and an extensive range of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as high net worth individuals, private equity and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services. For more information, visit www.marcumllp.com.
Press contact: Ian Toner itoner@csg-pr.com 720-725-5460 For more information contact: Inc. Media Drew Kerr 212-849-8250 drew@four-corners.com
