In a recently published testimonial on the Switzerland Global Enterprise site, Wences Casares, the CEO of Xapo, offers high words of praise for Switzerland and Crypto Valley as a location for blockchain businesses.
Xapo, which is known for its easy-to-use bitcoin wallet, its highly secure bitcoin vault and its innovative bitcoin debit card, is the largest custodian of bitcoin in the world. Casares had this to say about the company’s experience with the Swiss financial regulator, FINMA, as it was looking for a location:
“Many regulatory bodies in similar situations would have rejected Xapo and bitcoin entirely. By choosing to persevere, however, we believe FINMA has positioned Switzerland as a hub for fintech innovation and ensured Switzerland’s primacy in global financial services for decades to come.”
For more, read the testimonial and watch the accompanying video.
Xapo testimonial
Financial information is king and Thomson Reuters Corporation holds the crown. The company is the market leader in financial data (ahead of rival information provider Bloomberg). Thomson Reuters provides electronic information and services to businesses and professionals worldwide, serving the financial services, media, legal, tax and accounting, and science markets. Data is primarily offered online, and to a lesser extent via CD-ROM and print formats; nearly all revenues come from subscription sales to its plethora of offerings. Thomson Reuters was created in 2008 as the result of the $16 billion cash and stock purchase of news service Reuters by information provider The Thomson Corporation.
Operations
The company is organized into four business units. Its Financial & Risk segment accounted for more than 50% of total net sales in fiscal 2014. The segment provides news, information, and analytics to financial institutions.
The company's Legal segment provides online and print information, decision tools, software, and services that support legal, investigation, business, and government professionals. The Legal unit accounted for more than 25% of total net sales in fiscal 2014.
Thomson Reuters' Tax & Accounting segment offers integrated tax compliance and accounting information, software, and services to accounting firms, corporations, law firms, and governments. The unit accounted for 11% of total net sales in fiscal 2014.
The company's Intellectual Property & Science segment provides comprehensive intellectual property and scientific information, decision support tools, and services to governments, academia, publishers, corporations, and law firms. The Intellectual Property & Science unit accounted for 8% of total net sales in fiscal 2014.
Geographic Reach
Thomson Reuters has a truly global scale indeed. The company operates in more than 100 countries, and more than 40% of revenues come from outside the Americas. The business has US offices in Connecticut, Massachusetts, Minnesota, New York, and Texas, and international offices in London and Bangalore, India.
Sales and Marketing
Thomson Reuters sells its products and services directly to its customers. In addition, it has been successful in selling some of its products and services online directly to customers. Focusing some of the marketing and sales efforts online has allowed it to broaden the range of customers and reduce sales and marketing costs.
Financial Performance
In fiscal 2014 Thomson Reuters' revenue was $12.6 billion. That was a decrease of $95 million compared to fiscal 2013. The primary reason for the drop was decreased sales from the company's Financial & Risk unit partially offset by increased sales from the Tax & Accounting segment.
The company's net income was $1.9 billion in fiscal 2014. That was a dramatic increase compared to the previous fiscal period. The primary reason was due to decreased operating expenses.
Thomson Reuters ended fiscal 2014 with $2.3 billion in cash on hand from operations. That was an increase of $263 million compared to the prior fiscal year.
Strategy
The company's growth strategy mainly involves developing new products, services, applications, and functionalities to better meet its customers' needs.
