Financial software top performer targets Bt1-bn revenue by 2015
After becoming well-established as a firm that provides software solutions to Thailand’s financial sector for 17 years, Wealth Management System Limited (WMSL), currently has more than 50 large enterprises as its customers. For example, the Social Security Office’s fund of about Bt800 billion to Bt900 billion has been managed by the Bonanza Family – the company’s core software systems – for the past seven years. The Government Pension Fund’s Bt600 billion has been also managed by the Bonanza Family since 2000.
The Bonanza Family involves three main financial activities – asset management, treasury management, and risk management. Its flagship product comprises almost 10 modules that have been delivered to large corporates with the licensing model.
Its latest move is to expand its software service over the cloud. It aims to shift the business model from licensing to software as a service (SaaS) under the cloud service model, and expand its market from Thailand to the Asean region. Its goal is to achieve Bt1 billion revenue by 2015, a growth six times this year’s expected revenue of Bt150 million.
With the cloud service, the company will be more active in markets outside Thailand as this model will make it easier to tap new customers and provide service and support remotely.
The change in its business model is aimed at facilitating small and medium enterprises (SMEs) as well as individuals to use its software services over the Internet without having to purchase the software. Instead of needing to buy the total Bonanza software worth about Bt60 million to Bt70 million, users can pay for only Bonanza software modules that they use.
The company has also introduced a software service for individuals called Wealth 2.0 model. Under this model, the company has launched a new service called “Wealth Magik” to allow individuals to manage their wealth online free of charge. Under Wealth Magik, there is a set of modules of the Bonanza Family provided for people to use to manage their wealth. Wealth Magik, expected to be the next flagship of the company, aims to tap the Internet population not only in Thailand but also throughout the Asean region. At least 10,000 Thais are expected to use Wealth Magik by the end of this year with the number increasing to 100,000 by 2015, according to the company’s estimates.
Apart from being well-established in the software business, WMSL is also recognised for its sustainable growth, with achievements in the standard of software development. Recently, the company was certified as CMMi Level 5 version 1.3, the latest version of CMMi Level 5. It is the second Thai software company to get CMMi Level 5 version 1.3 after CT Asia, and is the 46th software firm around the world to achieve this standard.
In 2011, it was recognised by International Data Corporation (IDC) in the USA as a “Local Software Hero”. In 2008, it was recognised by BusinessWeek as one of the “New Blood of Thailand Software House”.
The company also received a merit award in the Financial Industry Application Category at the Asia Pacific ICT Alliance Awards 2011.