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Local software firm seizes the recession

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Local software firm seizes the recession on Fri Oct 02, 2009 5:50 pm

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Written by jamaicaobserver.com

The prevailing logic in a recession is to be conservative - lock the doors, turn off the lights and wait for it to pass. A more entrepreneurial approach would be to search out new business and new ways of managing that business.

Just three years old, SymSure Limited is no longer a 'small Jamaican software company'. Rather it has developed an international client-base and specialises in risk management software, which among other uses, helps prevent money laundering and now also international terrorism. This year it signed two new partnerships with multinational software companies and has begun employing social networking tools to expand its global reach.

Founded by its chief executive officer Andrew Simpson, SymSure has actually added to its staff count during the recession, moving from 13 to 20 employees. A privately-held company, it is yet to break-even but is targeting annual growth of 100 per cent next year, justified in part by a backlog of orders.

"We didn't wait to find out what's going to happen with the recession," Simpson told Caribbean Business Report in an interview this week. "We readjusted our strategic plan which involved cutting back on costs and thinking what kind of investments we could make in the last year which would reap rewards in the future without burning a lot of cash."...

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