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DAILY NEWS AND INFORMATION
FOR THE GLOBAL GRID COMMUNITY / AUGUST 4, 2003; VOL. 2 NO. 31
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Breaking News -
Security:
OpenNetwork Gains Market Momentum
With Record Performance
OpenNetwork Technologies, a leading provider of non-intrusive identity
management solutions for both .Net and Java-based platforms, has announced
record results for the first half of 2003. The privately held company
increased revenue by more than 60 per cent from Q4 2002 and increased software
sales more than 100 per cent. Today, 70 per cent of the company's revenue is
generated from software, with the remaining 30 per cent from consulting
services. At the current run rate, OpenNetwork will be cash flow breakeven in
Q3.
With the launch of its next generation product, the Universal Identity
Platform 5.0 (IdP), OpenNetwork achieved significant milestones by shipping
the industry's only end-to-end, Web services enabled, .NET identity management
solution, and becoming a strategic component for Microsoft's identity
management offerings. Working together, Microsoft and OpenNetwork are enabling
multi-billion dollar, global organisations to secure resources and manage
users with greater reliability and manageability at lower cost.
"OpenNetwork has proven that even in a turbulent economic environment, they
can grow their business by delivering the solutions that customers require,"
said Manny Fernandez, chairman emeritus, Gartner and managing director, SI
Ventures. "The company has an impressive business opportunity with the strong
partnerships to flourish in the enterprise software market, and the leadership
in place to guide the company to future success."
For the first half of 2003, OpenNetwork significantly expanded the breadth
of
its customer base to include Fortune 500 and global customers across six
countries from diverse industries including: banking, distribution, financial
services, food and beverage, government, manufacturing, publishing,
pharmaceuticals and more. Additionally, the company continued to lead the
healthcare insurance industry with more than 85 per cent of the BlueCross and
BlueShield business.
Some of the company's customers include: Pioneer Hi-Bred International,
ARAMARK, Invesco, Anthem, Avnet, Duke Energy, Pacific Life, Capital BlueCross,
VirtualBank, Ameriquest, and many more.
As further testament to its successful business, OpenNetwork was named one
of
the most innovative companies in the world by the Always-On Network.
Additionally, the company was named to the Deloitte & Touche Technology Fast
500 and the Deloitte & Touche Technology Fast 50.
"OpenNetwork is one of the industry's most innovative companies with a
clear
vision and focused business," said John Abraham, Battery Ventures. They
demonstrate leadership through their technology, tremendous execution and
proven revenue momentum."
OpenNetwork Delivers Technology that Customers Implement Successfully
OpenNetwork is the only identity management company with 98 per cent of
their
customers in production or on-track for production. Additionally, the customer
support and maintenance renewal rates are an unprecedented 99 per cent.
"We are extremely pleased with the growth of our business," said Kurt Long,
OpenNetwork CEO. "We have made significant strides increasing and diversifying
our customer base, growing our software revenues, strengthening existing
partnerships and building new ones, and shipping the world's only .NET
identity management solution."
Business Highlights for the First Half of 2003
- Increased software sales by more than 100 per cent. Grew revenue more than
60 per cent with 70 per cent generated from software, support and maintenance,
and 30 per cent from services.
- Appointed industry veteran Charles Hixson to lead global sales
organisation.
- Launched Universal Identity Platform, the industry's only .NET solution
for
end-to-end identity management.
- Further strengthened Microsoft relationship to become one of the only
recommended identity management vendors to ship with their solution.
- Significantly grew and diversified global customer base in banking,
distribution, financial services, food and beverage, government,
manufacturing, publishing, and pharmaceuticals.
- Achieved record services renewal rates of 99 per cent. Implemented 98 per
cent of customers with the remaining on schedule for production.
- Won the Always-on Top 100 Award.
- Won the Deloitte & Touche Fast 500 Award and the Fast 50 Award.
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