Dorsum started out relatively modestly in 1996 when four software programmers with banking backgrounds decided to set up a company to market a more reactive software solution. Six months after founding Dorsum, its first product was ready for launch.
Marketed under the name Clavis, the investment back office software solution was implemented almost simultaneously for three clients, Rabobank, KDB (Daewoo) Bank and Pest-Buda Értékház. This flying start was capitalized on with the fledgling company’s first successful tender in 1998 and the subsequent contract to deliver the securities account management system for the Hungarian State Treasury.
“This contract represented an enormous challenge for us but was the making of the company,” states CEO Róbert Kő. “Its success translated directly into new projects for a growing customer base.”
The product portfolio while remaining focused on the banking sector has expanded to cover the entire industry. Clavis versions for asset management, banking back office and front office, private banking, trading, brokerage, real estate, factoring and pensions have all found their own niches.
“Our fastest growing product area at present is private banking,” says Mr. Kő. “We have developed a private banking customer acquisition tool for tablet PCs. It is recommended for investment service providers and credit institutes for evaluation, analysis and yield calculation of portfolios for their clients and boasts clear and informative graphics. The versatile software was only launched a few months ago and has already attracted great interest from the banks.”
“We want to continue to set our sights high. My goal is to make Dorsum an international leader in the market for financial software and top of the list of firms invited to tender for major projects.” Róbert Kő CEO
Another success was chalked up in this area with its successful bid in 2013 for the contract to supply a trading terminal software for the Vienna Stock Exchange. The software created for this project is called CEE-Trader and will cover Austria, Hungary, the Czech Republic and Slovakia.
In 2005, Dorsum began its geographic expansion into new markets with the establishment of offices in Bulgaria and Romania.
“Our subsidiary companies operate independently, growing organically and even developing their own solutions rather than simply implementing those we supply from our head office in Budapest,” says Mr. Kő. “One of the reasons for this are the differing regulatory frameworks which vary from one country to the next. We want to continue to expand to new countries to reflect the increasing internationalization of the banking sector.”
Dorsum now employs 170 people in three countries and generates annual turnover of ten million EUR. “2013 was a record-breaking year for us in terms of profitability and growth with annual growth of close to 30%,” boasts Mr. Kő. “We want to continue to set our sights high. My goal is to make Dorsum an international leader in the market for financial software and top of the list of firms invited to tender for major projects.”
A prerequisite for success is ensuring the company has sufficient qualified employees to take it forward. Dorsum has adopted a two-pronged approach to attract both young and experienced talent.
“We have implemented a programme of work placements in conjunction with many universities and colleges as well as employment agencies to give young people an insight into what we do and perhaps encourage them to look at software development as a career option,” explains Mr. Kő. “We also work hard to offer our employees an attractive workplace with plenty of opportunities to combine work with family life.”
It is not for nothing that Dorsum is a winner of the title ‘Family-friendly employer’. For the future, Dorsum is keen to move from being a project-based company to working on its own products so that it can create long-term value for the company’s partners and employees.