At Ubisecure their financial year runs with the calendar year so they decided to reflect on the previous year and share some of their reflective thoughts from 2021.
Ubisecure is a private company that doesn’t often talk publicly about their financial performance, however, their results from last year are an outstanding testament to everyone in their company. They have spent 3 years deploying funds from the investment made by Octopus mid-2018 with the target of passing break-even last year, and they have certainly achieved that. They have also seen significant revenue growth, whilst gaining nearly 90% of subscription-based sales.
Record Legal Entity Identifier (LEI) Issuance
Issuing LEIs through their RapidLEI brand has gained impressive statistics over the year and these statistics below shows just how they have grown over the last year.
The most impressive is that RapidLEI was the number 1 issuer of validated LEIs every month last year from just starting in 2018. It is a testament to their pioneering platform which enables automated LEI issuance, their brilliant internal team, and their excellent global partner network.
Keeping with the automation theme, the new Continuous Integration (CI) pipeline for their Identity and Access Management (IAM) engineering team went live in 2021. The complexity of software in general and IAM software in particular means that automation of build, test, and deployment is critical. Proof of this was the Log4J CVE last month. Like many other software companies, they have taken steps to ensure that customers using their platform are not impacted. The CI pipeline allowed them to patch all supported versions of their software within hours, which was especially important as fixes were constantly appearing for the Log4J library. A great achievement by the engineering team and great reassurance for their customers.
2021 saw the launch of LEI Everywhere offering – a Global LEI Foundation (GLEIF) approved operating model for KYC service providers, banks, FinTechs, and trust service providers. The model enables these institutions to leverage their existing KYC and AML workflows to enhance legal entity identity information while creating LEIs in real-time. The automated systems add value over the basic GLEIF validation agent definition by identifying anomalies in legal entity data and highlighting them to improve KYC and AML processes. In early 2022, they will announce several global banks that have already joined the LEI Everywhere program.
In 2021, they had three IAM releases, with each release bringing additional functionality and value to existing customers. During the year, they delivered a number of features including enhanced extensibility, increased support for their already broad range of EU high-security identities, deeper usage data, PKCE enhancements, and programmatic key rotation. They look forward to introducing more features and enhancements that they have planned for 2022.