CAST Revenue Grows by 11% to $17.6 Million in Q4 of 2009
Growth of 15% at constant exchange rates
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|Average Euro-Dollar exchange rate for 2009 and 2008 respectively : 1.407175 & 1.45769
New York - February 1, 2010 Bucking the global economic downturn, CAST, the worldwide leader in Software Measurement and Analysis, today announced a 11% increase in Q4 2009 revenue compared to Q4 2008. This is strong confirmation of the rapidly growing market for software quality and productivity measurement. New CAST customers in 2009 include American Express, Coca-Cola, Deutsche Bank, The Drug Enforcement Agency, Nationwide, Travelers, Sanofi, and Vodafone. CAST’s tradition of flawless implementation and support means each new customer represents significant opportunity for additional software sales. CAST has moved from pioneer to indisputable market leader in the space of seven short years.
In addition to corporations and government agencies, large systems integrators also contributed to CAST revenue in Q4 of 2009. IBM upped its investment in CAST technology; and in Europe, the large systems integrators AtosOrigin and Steria began using CAST to industrialize the software delivery processes in their offshore delivery centres in India.
"CAST enables systems integrators to risk-proof their estimates during due diligence, improve their delivery productivity and expand their client business relationships by offering objective metrics derived from source code," said Marc Zablit, VP of Business Development at CAST. "The adoption, integration, and resale of services powered by the CAST platform through the major systems integrators represent a critical step in market awareness and growth for us".
In addition to large systems integrators, consulting firms with deep expertise in software quality and IT productivity measurement -- Alliance Consulting, Lionbridge, and DCG in North America -- have launched innovative service offerings powered by CAST technology. These solutions include a fully automated Application Software Assessment and a Software Quality Gate delivered traditionally or through a Software as a Service (SaaS) model.
While Q4 revenue was sharply up, revenue for 2009 as a whole did not rise. However, careful cost management ensured that CAST remained profitable in 2009. Considering the global economy in 2009, CAST’s executive team and key shareholders see this as a significant achievement.
FY2010 and Beyond
"A healthy pipeline, a growing base of happy customers, maintenance renewal growth, improvements in direct sales force productivity in North America and Europe, and ever-expanding relationships with systems integrators are all accelerators of our growth. Our operational costs will increase conservatively, as a result, we expect our profit margin to rise sharply," said Vincent Delaroche, chairman and CEO. "For the next three years, we predict a pattern of double-digit, self-financed growth and strong profitability, while becoming the de facto standard for measuring software quality and size. CAST is on track to fulfil our goal of turning software development and management into a measurable, predictable science in the next 5 years."
CAST is a pioneer and world leader in Software Measurement and Analysis. Our unique technology is the result of more than $80 million in R&D investment. CAST provides IT and business executives with precise, quantified insight to immediately and significantly improve the business performance of their critical software assets. 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 including AtosOrigin, IBM, Capgemini, and CSC.
Founded in 1990, CAST is listed on NYSE-Euronext (Euronext: CAS) and serves Global 2000 organizations worldwide with a global network of offices in the US and Europe.
For more information visit www.castsoftware.com.