Cardiff fintech firm on target to meet its goals
FINANCIAL technology firm Target, which has its head office in Cardiff, has announced its fourth consecutive year of growth and seen its workforce break through the 1,000 mark.
The figures, for the 2016 financial year, reveal Ebitda (earnings before interest, tax, depreciation and amortisation) increased 61% to £11m, ,while turnover climbed 26% to £64.1m.
Target, which was set up in 1979 and now also has offices in locations including Newport, Australia and New Zealand, was last year acquired by Indian IT services giant Tech Mahindra in a £112m deal.
Target specialises in business process outsourcing and software solutions for more than 50 financial institutions across the world, including Credit Suisse and Goldman Sachs.
Its growth last year was underlined by an increase in the number of its employees from 673 to 1,053 – making it one of the biggest private sector employers in south Wales.
As well as the acquisition by Tech Mahindra, 2016 saw Target acquire the operating platform of Commercial First, a leading specialist provider of commercial and residential mortgage servicing.
It also secured several new clients including RBS and Ratesetter, and was chosen by the DVLA to continue to help transform the way customers pay their vehicle tax.
Ian Larkin, co-group chief executive of Target Group, said: “We are very pleased with the progress at Target in 2016, particularly with the purchase of Commercial First, continuing to work with the DVLA, and of course being acquired by Tech Mahindra.
“Looking ahead, there are some great opportunities out there in the market and we are well-placed to support our clients as it evolves.”
Mr Larkin added: “We have seen good economic growth along with growth in lending and savings, more regulatory change and increasing technological innovation. In this context, we look forward to helping our clients in achieving their business goals.”
Bill Alley, co-group CEO of Target Group, said: “Last year was truly a milestone year for Target.
“We have a built a strong company over the past four years and look forward to the next stage of this growth as part of the wider Tech Mahindra Group.
“This new relationship will allow us to better service our clients and deliver operational excellence.”
Mr Alley said that during the financial year the firm added a number of high-profile names to its diverse list of clients.
He added: “This is something we have only been able to achieve thanks to our recruitment of highquality people, taking the number employed by Target to over 1,000”.