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Fundamo Awarded Prestigious Frost & Sullivan Technology Leadership Award
August 2006

Leading South African mobile banking and payment solutions company, Fundamo, has been named recipient of the 2006 Technology Leadership Award by global growth consultancy, Frost & Sullivan.

The result of extensive market analysis and study by Frost & Sullivan industry analysts, the award recognises the company’s progressive solutions, which have enabled organisations to provide much needed mobile banking services across Africa and to international markets such as the Middle East, Latin America and the Far East.

“Their products have extended the prospect of mobile banking to a larger number of South Africans and are enabling African countries to be amongst the most innovative when it comes to mobile banking. This has great applicability in the global markets where the company is headed next,” confirms Frost & Sullivan Smart Card Analyst Lindsey McDonald.

Acknowledging Fundamo’s essential role in the launch of the first mobile bank in South Africa, McDonald is quick to point out that the award also recognises Fundamo’s ability to deliver and its exceptional service support. “Clients are further supported by strong professional services, based on an extensive set of end-to-end best practices to deliver successful business outcomes. Real business success for these type of projects relies on so much more than simply good software,” she maintains, “and the time to market for clients is significantly reduced given both the richness of the solution and the experience and quality of the delivery.

“We are delighted to have been chosen by Frost & Sullivan,” says Aletha Ling, head of global sales at Fundamo. “It is a great endorsement of our leadership in this area and wonderful recognition of the consistently high standards we have achieved over the past six years.”

The Technology Leadership Award is bestowed each year upon the company that has demonstrated superiority in technology leadership, by excelling in all aspects of the technological lifecycle, within its particular industry. The analyst team at Frost & Sullivan seeks to commend organisations that display the diligence, commitment and the innovative business strategies required to advance in the global marketplace.

Although technological innovation and excellence has clearly underpinned the company’s success, Ling believes that the team’s background in the financial services has also played an important part in Fundamo’s phenomenal growth during the last six years.

“Our strong financial services background has created a mindset that informs everything we do,” she explains. “We understand the banking environment extremely well and instinctively apply a rigor and discipline to this sensitive area of business that other software companies less familiar with it might not.”

Ling also concedes that the timing couldn’t be better. Until recently, the organisation has been focused mostly on South Africa and other African markets. Now the company is driving strategic initiatives into several international markets such as Latin America, the Middle East and Far East.

“This award does come at an exciting stage in our growth,” admits a clearly delighted Ling. “Although there is still massive potential here in Africa, where such a large proportion of the population is ‘under-banked’, we are the market leaders and need to take advantage of our position by penetrating international markets as well.”

About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company’s industry expertise integrates growth consulting, growth partnership services and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community, by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com

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