The French IT firm Sophis, which provides portfolio management systems, said it has reported record revenues of €72.2 million ($112 million) for the financial year ending December 2007, an annual growth rate of 50 per cent.

Sophis said it had added 16 new buy-side clients and nine new sell-side clients, bringing its total client base to 54 banks, 50 hedge funds and 15 asset managers.  This performance in 2007 follows four years of average annual revenue growth of over 40 per cent, the firm said in a recent statement.

“We are very pleased to have generated record revenue growth in 2007. I am proud to see these results in my last year at Sophis,” says Herve Vinciguerra, founder of the company which was set up in 1985.

Pascal Xatart, Sophis chief executive, said: “By reinforcing our position in North America and keeping our focus on research and development we hope that our 2008 performance will be just as strong, if not even stronger.  We aim to accelerate our international expansion this year and will continue to ensure our solutions rapidly meet the changing needs of a demanding client base."