ITKO Completes 2010 with Record Growth and Profitability
DALLAS, TX, January 26, 2011 -- ITKO, the leading provider of virtualization, test, and validation solutions for composite and cloud-based applications, today announced record results for calendar year 2010. ITKO delivered calendar year results of 109% year-over-year revenue growth and 39% after tax profit margin, while increasing its cash position by 149%. The company added a significant number of Global 2000 enterprise customers in 2010 and saw a sharp increase in the number of seven-figure enterprise license contracts. Using ITKO's LISA solutions, customers can rapidly deploy virtual service environments, cloud labs and continuous automated testing to eliminate constraints, improve performance and drastically reduce time and costs for complex enterprise applications. The company finished the second half of 2010 with a revenue run rate increase of over 150%.
"We are very pleased that industry leaders have repeatedly recognized the value that ITKO's LISA provides to their initiatives and invested accordingly," said Shridhar Mittal, CEO of ITKO. "Our growth with both new and existing customers speaks volumes on LISA's ability to address the most difficult and strategic development and delivery challenges enterprises face today. Our upcoming LISA 11 product release will continue to raise the bar by enabling complex enterprise applications to be delivered faster, with higher quality, and at lower costs. We're confident that LISA's ability to consistently deliver these benefits to our customers will drive even greater success for ITKO in 2011."
"Enterprise IT customers today continue to struggle with difficult cost containment decisions, and approval for new investments must be supported by strong evidence that they will deliver significant business value," said Thomas Murphy, Research Director, Gartner. "Organizations are continuing to invest in disruptive technologies that meet this criteria, including virtualization, cloud computing, Web 2.0 technologies, and other solutions that provide near immediate ROI while also improving long-term productivity and risk mitigation."
Growing Global Enterprise Customer Base
ITKO acquired marquee customers in 2010 including industry leaders such as First Data, Nationwide, Vodaphone, Wells Fargo, AT&T, Best Buy, Disney, Dept of Homeland Security, FedEx, JCPenney, Baxter, Telus, Expedia, CIGNA, Motorola, Commonwealth Bank of Australia, ANZ, National Australia Bank (NAB), Baker Hughes, RIM, Sprint, SoCal Edison, and others. ITKO also had a large number of repeat customers including CVS, Verizon, Fireman's Fund Insurance Company, BB&T, Oracle, Lowes, Kaiser Permanente, JPMorgan Chase, American Airlines, Defense Information Systems Agency, Federal Aviation Administration, Kroger, IBM and others. ITKO expanded its global footprint by landing significant new business with some of the most well respected companies in APAC and EMEA while opening new offices in England, India and Australia with plans to expand into Germany, France, and Japan in 2011.
Expanded Partnerships with Market Leaders
ITKO's growing global presence and customer expansion is due in part to increasing traction with top-tier ISV and Global System Integration partners in 2010. ITKO has developed deeper relationships with market leading ISVs including HP and IBM. An agreement in 2009 for HP to resell ITKO's LISA Virtualize product as part of HP's Quality and Performance Management solutions has been successfully realized at many joint customer accounts. ITKO also embedded its cloud-based application virtualization capabilities in a joint offering with IBM Global Services and successfully took the solution to market into IBM's enterprise accounts.
In 2010, ITKO greatly expanded its relationships with Global Systems Integrators including a range of reseller agreements and strategic partnerships with Accenture, IBM Global Services, Infosys, Tata Consultancy Services, CSC, Cognizant, and others. These relationships have encompassed a wide range of targeted sales and marketing efforts, including ITKO webinars and a whitepaper series for Development and Quality Assurance professionals, along with deep LISA implementation and training support for enterprise customers.
In 2010, ITKO extended their product leadership position with significant enhancements to the LISA Suite. Improvements included fully automated defect capture and complex issue resolution through LISA Pathfinder, DevTest Cloud management for rapid deployment of constraint-free software labs with truly elastic capacity, and continued increases in protocol support for Service Virtualization of more technology types, supporting higher performance levels for enterprise environments.
ITKO will continue to extend their product innovation leadership with a major LISA 11 product release in early 2011.
"Much of the enterprise software industry continued to experience flat or declining revenue in 2010. Yet despite these industry conditions, ITKO has seen continued growth due to market readiness for our product capabilities, and the continuing support of our partners and existing customers," said John Michelsen, Chief Scientist at ITKO. "ITKO clearly understands the evolving needs of reshaping application development for enterprise customers."
About ITKO, a CA Technologies company
ITKO, a CA Technologies company, optimizes composite application lifecycles. Our LISA service virtualization and validation software increases the agility of developing and delivering complex and cloud-based applications to market faster, while shifting quality left to eliminate costly constraints and defects in an environment of constant change. ITKO solutions eliminate software dependencies, decrease release times, and increase the reliability of composite applications that leverage cloud computing, SOA, BPM, integration suites and ESBs. ITKO's global customers include 5 of the top 6 Fortune 500 commercial banks, 5 of the top 6 Fortune 500 telecommunications firms as well as leading firms in insurance, travel, retail, utilities and government agencies. For more information, visit http://www.ITKO.com.
ITKO Press Contact: Jason English - news@ITKO.com - 1-214.764.9318