Guidewire Software Inc (GWRE)
Citi Technology Conference
September 06, 2012 02:00 pm ET
Karen Blasing - Chief Financial Officer
Thank you very much. I apologize. Marcus Ryu, who is our CEO was planning on being and joining with me today, and he did have a family emergency last night, so he was originally planning and taking the red eye out last night and called just before he was getting on the plane. He finds them as fine, but it did preclude him from being able to join us today. If you are out in the San Francisco area please stop by, have an opportunity to Marcus directly there as well, and we are actually trying to be pretty investor-friendly, so their special needs questions and we are fairly buckled up.
Guidewire Software, since the company public in late January, Citi bank was one of our core underwrite and we are very happy actually to have them represent us, so I'll give you brief overview of Guidewire. The insurance industry is a property and casualty interest industry. It's a $1.2 trillion industry is still using three-year old technology. It's extremely hard to believe, but they really still are using three year-old technology. Our founders started this company in 2001, so we're 11 years old, actually in the month of August, and they went after this industry to really modernize it and bring it into the current decade.
Customers we are targeting are the global industrial world, restaurant, property and casualties. There are 7,000 property and casualty insurance industry insured worldwide. We target 1,200 of them as kind of mid-size to the very largest and we target the most industrialized world, so it's the U.S. and Canada. It's Europe and its Japan, Australia and we have a operation starting in China.