24 January 2003 12:00am

Privately-held banking technology group Ultradata is winning converts from credit unions, building societies and other suppliers to the small end of the banking market, forcing two of its three primary rivals to reorganise, one of them hunting for new funds to stay solvent.

Ultradata turned the corner during 2002, recording a 30 per cent increase in revenues to $16.6 million and a net profit of $1.9 million, up from $103,000 in 2001.

With one banking bureau winning others were losing. The worst affected was CU Technology Development, a company controlled by a group of...