Record Revenues and Global Expansion Highlight Clarity Systems' 2008 Fiscal year



    
    Revenues increase dramatically as sales of Corporate Performance
    Management flagship solution, Clarity 6(TM), accelerate, complemented by
    rapid growth of Clarity FSR(TM), the premier solution for automating the
    external reporting process
    

    TORONTO, Oct. 22 /CNW/ - Clarity Systems, a leader in corporate
performance management (CPM) and external financial reporting solutions, today
announced another year of record revenue growth, for the 12-month period
ending September 30, 2008.
    "We can look back on another great year of significant growth, as Clarity
continues to provide value to the Office of Finance for both large and
mid-market organizations," said Frank Pizzolato, CEO, Clarity Systems.
"Particularly gratifying was the market acceptance of Clarity FSR as Fortune
500 and mid-market clients alike realized the solution's unique ability to
improve operational efficiencies while reducing the risks inherent in the
external reporting process."
    Hiring continued apace at Clarity Systems in FY 2008, with software
developers, service consultants and sales staff being added to maintain the
company's technological superiority and outstanding reputation in customer
service. Clarity anticipates strong sales growth to continue in FY 2009 and
will add to its employee and partner resources as required to meet this
growth.
    "The intellectual capital we continue to add to the organization fuelled
improvements to our unified, open product architectures, resulting in, for
example, Clarity FSR's ability to automate XBRL tagging to meet emerging
regulatory requirements," said Mark Nashman, President & CTO, Clarity Systems,
"as well as adding the capability to reconcile and prepare reports in both US
GAAP and IFRS."

    
    KEY EVENTS

    -   The company's annual customer conference, Vision 2008, posted a
        record number of attendees - primarily CFOs, controllers, external
        reporting managers and other decision makers - representing firms
        from multiple industry sectors;
    -   Partner signings to extend Clarity's global market coverage
        accelerated in FY 2008, including new business partners in USA,
        Canada, India, Thailand, Australia, Latin America, Malaysia, the
        United Kingdom and the Caribbean, and more are planned for FY 2009;
    -   Clarity introduced a corporate performance management 'software as a
        service' (SaaS) solution called Clarity OnDemand(TM) and set up a
        dedicated sales channel to market and sell this affordable solution
        to the market worldwide;
    -   Bowne & Co., Inc. entered into a strategic alliance with Clarity
        Systems and as a result launched a new financial statement reporting
        tool based on Clarity FSR for its compliance customers. Joint sales
        and marketing programs between the two firms have begun, aimed at
        bringing the benefits of automated financial report production to
        thousands of publicly-held firms worldwide;
    -   Thompson Elite agreed to embed the Clarity 6 financial reporting and
        consolidations solution into its Elite 3E product family, continuing
        a partnership targeting the service industry - specifically legal and
        accounting firms - begun in FY 2007 between the two firms;
    -   Leading industry analyst firms took particular note of Clarity in
        FY 2008, with Gartner, Inc. positioning the firm as a 'Visionary'
        player in the 2007 Magic Quadrant for CPM Suites and Forrester
        Research awarding Clarity the top score in the budgeting and planning
        category of "The Forrester Wave: Business Performance Solutions, Q4
        2007" report.
    

    Blue-Chip Firms Buy Clarity's Flagship Solutions

    Fortune 500 firms in healthcare, oil and gas, financial services,
diversified manufacturing and a host of commercial, service and industrial
sectors added both Clarity 6 and Clarity FSR to their enterprise
infrastructures across North America and Europe in FY 2008.
    The Clarity FSR automated external reporting solution improves the
efficiency of the external reporting process, while delivering multiple output
formats including XBRL, MS-Word, .pdf and EDGAR-ready HTML. Clarity FSR is
used by organizations across all vertical markets to automate the creation and
submission of regulatory filings, like the 10-K and 10-Q, and to produce other
high value documents such as Board Books and other statutory or regulatory
filings. Clarity FSR delivers measurable efficiencies by automating a
traditionally manual process, which in turn reduces key risks faced by
publicly-held firms, including: risk of errors; risk of late filing; risk of
non-compliance and risk of insider leaks.
    Clarity 6 is a single, integrated application that combines budgeting,
forecasting, planning, reporting, consolidations, scorecards, analysis,
modeling and more - all in a single, web-based and Excel-compatible software
solution. Clarity 6 is the only corporate performance management application
that supports multiple industry-standard OLAP databases and multiple
industry-standard relational databases as well. This ability to simultaneously
interact with both relational and multi-dimensional OLAP databases means that
Clarity 6 software can easily leverage our clients' existing investments in
database technology, while the familiar MS Excel look-and-feel of Clarity 6
reduces training and support costs.

    About Clarity Systems

    Clarity Systems delivers software solutions to the Office of Finance. Our
software helps large and mid-market organizations around the world improve
their budgeting, planning, consolidations, scorecarding and management
reporting processes, and also automates their external reporting processes to
support the production of regulatory and statutory reports. Our unified
applications help CFOs reduce risk while simultaneously improving operational
efficiency. For more information, please visit our website at
www.claritysystems.com or call us at 1-877-410-5070.





For further information:

For further information: Dave Paolini, Communications Manager, Clarity
Systems Limited, (416) 250-5500 ext. 417, dpaolini@claritysystems.com

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CLARITY SYSTEMS LIMITED

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