Iceland’s TM Software ehf. has been selling its high tech products over the internet to some of the biggest financial institutions in the world. The company’s profile has grown bigger and faster than anybody expected.

Using the internet, TM Software has sold its own timekeeping and workbook accounting system in 38 different countries, including to many big corporations and institutions. Among the customers to date are both the London Stock Exchange and Deutsche Bank – and the New York Stock Exchange and the microchip giant, Intel are both currently using evaluation versions of the software.

A statement from the company says that the time recording system is called Tempo, and is an add-on to the work order and service system JIRA from the Australian software manufacturer Atlassian. Tempo works by allowing users to more accurately track timings and avoid double entry of orders and invoices.

The system was originally developed for use in-house, but the company decided to try selling it over the internet last year after work orders within Iceland slowed down significantly. Results did not take long to show up. “The software solution got some pretty good user reviews and in the first months companies like Apple, Sony Europe and the American internet giant America Online all tried it out; as well as companies here in Iceland,” TM Software CEO Agust Einarsson told Visir.is. “Now we have around 200 customers in 38 countries,” he added.

Einarsson feels that the most interest is from companies in Germany, the USA, Canada and Australia. “We have only marketed the software online and the positive reception has meant that Tempo sales have doubled in the last two months,” he said.