The Jersey City payment software maker Fundtech Ltd. slipped into the red in the fourth quarter, despite several new customers.
Revenue grew 1% from a year earlier, to $29.8 million, Fundtech said last week. It reported a loss of $2.2 million, compared with a year-earlier profit of $2.7 million.
Fundtech said it closed 98 deals in the quarter, including seven with new bank customers. In the fourth quarter "we started to feel the impact of the market environment, as revenues from our global customers didn't meet our original expectations," Reuven Ben Menachem, Fundtech's chief executive, said during a conference call with analysts.