Year-to-date revenue up 46%, with significant customer and partner investments
November 11, 2010, New York, NY- CAST, the worldwide leader in software analysis and measurement, announced today that its software business experienced significant growth, accompanied by a solid outlook. License revenues increased at a rapid pace, with many seven-figure investments in software analysis and measurement made by IT executives at large, global institutions. The company posted 50.5% software revenue growth for the first three quarters of 2010 and overall revenue growth of 46%.
Customers extending their investments in CAST technology in 2010 include institutions such as Travelers Insurance, AT&T, American Express, IBM and Bank of New York. These represent continuations of prior implementations, driven at the executive level to manage business risk and IT efficiency. Several public sector institutions, including the Department of Veterans Affairs, invested in CAST as part of overall contractor governance fueled by intense scrutiny of vendor spending by the Obama administration in the U.S. and fiscal belt-tightening in the United Kingdom.
"IT leaders are forced to create miracles with limited visibility into mission critical development and enhancement work," said Vincent Delaroche, CAST chairman and CEO. "More and more are realizing they’ve allowed the structural quality of their critical business software go unmanaged for too long."
Major advances have been accomplished in the services channel with large systems integrators and mid-size, specialty services providers. Participation in the CAST Connect 2010 partner conference grew 58% from last year. Major new channel agreements include CAST embedded in IBM’s Total Quality offer and Capgemini’s QA solutions, among many others.
"Our partners already generate a growing proportion of our software business,” said Marc Zablit, CAST VP of Business Development. “We expect our market reach to boom tenfold in the coming quarters, with huge impact on revenue growth and bottom line."
CAST is a pioneer and world leader in Software Analysis and Measurement, with unique technology resulting from more than $90 million in R&D investment. CAST provides IT and business executives with precise analytics and automated software measurement to transform application development into a management discipline. More than 650 companies across all industry sectors and geographies rely on CAST to prevent business disruption while reducing hard IT costs. CAST is an integral part of software delivery and maintenance at the world's leading IT service providers such as IBM and Capgemini.
Founded in 1990, CAST is listed on NYSE-Euronext (Euronext: CAS) and serves IT intensive enterprises worldwide with a network of offices in North America, Europe and India. For more information, visit www.castsoftware.com.