S1 Corp. said that it has been able to maintain a strong sales pipeline, bucking its expectations given the rough economy.
The Norcross, Ga., banking technology vendor said that any project delays have been one-off incidents, and that its pipeline overall of bank deals "remains strong and growing."
"We have not seen the impact of the economy on our pipeline flow at this time," Johann Dreyer, S1's president and chief executive, said in a conference call Wednesday to discuss its second-quarter results.
"We had very, very solid bookings during the quarter across all the business units and the product lines in our organization."
S1 said that it had added 10 new customers in the quarter, including five credit unions that have agreed to use both S1's online banking software and its lending products.
S1's second-quarter revenue rose 8%, to $60.8 million, from a year earlier. Its net income dropped 10%, to $4.6 million, dragged down by increased stock compensation costs associated with S1's rising stock price during the quarter.
S1 said it has hedged against currency exchange issues by conducting its international businesses in local currencies, except for its development centers in India and South Africa, which are funded in U.S. dollars and U.K. pounds.
S1 highlighted sales growth in its Postilion segment, which serves community and regional financial institutions.
More clients are signing up for multiyear subscriptions to the Postilion unit's products and services, S1 said.
S1's Enterprise unit, which serves large financial companies, did not sign new customers in the second quarter, but Dreyer said there were many cross-sales among existing clients.
The company said in April that Longtop Financial Technologies Ltd. of Beijing had agreed to resell, custmize and install its Enterprise product line to financial companies in China.
The Enterprise products are designed to share customer information across channels, and S1 has long promoted the benefit to customers of using several of its products this way.