Strong sales helped boost third-quarter earnings for the Jersey City payments technology provider Fundtech Ltd.
Fundtech said Monday that it closed 77 deals in the quarter, including six with new bank clients.
One customer, which it called a "major bank in the Pacific Rim," is using two of the vendor's applications: GlobalPAYplus, which automates fund transfers, and IGT plus, which formats messages for use with the global payments network operated by Society for Worldwide Interbank Financial Telecommunication.
Fundtech reported that third-quarter revenue rose 24% from a year earlier, to $26.6 million, and net income rose 24%, to $3.1 million, or 19 cents a share, which beat the average Wall Street estimate by a penny.
For the fourth quarter, Fundtech said it expects to report earnings of 19 cents to 24 cents a share, on revenue of $29 million to $30 million.
The results prompted Fundtech to raise its full-year guidance. It now expects to report earnings of 66 to 71 cents, versus its earlier forecast of 63 to 70 cents. It also expects to report revenue of $104.2 million to $105.2 million, versus its earlier forecast of $100 million to $101.5 million.
Reuven BenMenacham, Fundtech's chief executive, said in a press release that he expects that momentum to continue in the coming year. "I believe our large customers will expand their business with us," he said, and Fundtech's "leadership position in the global payments market will make us the preferred solution for other large banks that are seeking to overhaul their payment infrastructure."
