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September 21, 1998


By CBR Staff Writer

Financial Objects Plc, the privately-owned banking software company, has launched what it claims to be the first full-function, three-tier client-server systems based on an NT-based component software platform. The company says its ActiveBank S2 system front and middle office applications on NT with back office processing built on an AS 400-based transaction system are already in use at hundreds of banking sites around the world. Financial Objects believes that S2 gives them a system in advance of anything that industry leader Misys Plc can offer currently. The company was set up by entrepreneur Roger Foster, who sold Act Group Plc to Misys and Apricot Computer to Mitsubishi. He formed Financial Objects in 1996 having bought AS/400-based banking software house IBIS Ltd from Italian International Bank and IBM UK Ltd. Last year the company, whose software is in operation in around 250 banks, made pre-tax profits of around 2m pounds on revenues of 17m pounds and managing director Ian Chester is looking for more growth this year. An IPO is on the cards at some stage though it is unlikely to occur in the present uncertain state of the market.

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