Brainware Announces Record Third Quarter 2009 Revenues
By Brainware Inc., PRNEMonday, December 7, 2009
Solution Provider Continues to Buck Trends during Economic Downturn
ASHBURN, Virginia, December 8 - Brainware, Inc., an innovative provider of intelligent data capture and
enterprise search solutions today announced that the company's software
license revenue more than doubled in its third quarter, increasing by 130%
year-over-year. This growth was experienced notwithstanding the company's
conservative revenue recognition policy by which Brainware recognizes license
revenue only after customer acceptance of an implementation and not upon the
shipment of software. The company attributes this revenue growth to the
strength of if its efforts in both North America and Europe.
"Our revenue growth reflects widespread acceptance of Brainware solutions
by some of the world's largest companies," said James Zubok, chief financial
officer at Brainware. "Our rapid deployment model, combined with Brainware's
unique learning technology, enables our customers to realize the direct
financial benefits of their Brainware systems in weeks, not months or years
as with other solutions."
In addition to having the most advanced data extraction and document
processing solution on the market, Brainware attributes its third quarter
growth in part to its new rapid implementation methodology, which radically
shortens the time-to-value for new Brainware Distiller(TM) implementations.
This method eliminates the extensive setup times required to train and
configure traditional keyword and template-based solutions.
In recent months, Brainware has signed numerous new clients and partners
for its Brainware Distiller automated data capture solution, including
Anixter International, Sun Chemical, and market leaders in the biotechnology,
media, petroleum, energy, and business process outsourcing markets. Brainware
also expanded its presence amongst Global 2000 organizations through
strategic partnerships with companies such as Oracle, Hyland Software, and
Perceptive Software.
"Our customers are relying on Brainware not only to transform their back
office operations but to improve their profitability and generate significant
value to their shareholders," explained Carl Mergele, chief executive officer
for Brainware. "We are delighted that the success of our customers continues
to support our growth."
About Brainware
Brainware, Inc. is an innovative provider of intelligent data capture and
enterprise search solutions that help Global 2000 companies eliminate costly
manual data entry, rapidly process large volumes of documents and retrieve
data from across the enterprise. Its solutions were built from the ground up
to manage unstructured data without templates, exact definitions, taxonomies
or indexing. Headquartered in Ashburn, Virginia, Brainware maintains global
sales and support operations through its North American, U.K. and European
offices. Brainware customers include Airbus, Alcon, Alltel, Amgen, Anadarko,
BB&T, bioMerieux, British American Tobacco, Continental Airlines, CORT,
Gardner Denver, Halliburton, Her Majesty's Prison Service, Johns Manville,
JohnsonDiversey, Kimberly-Clark, KPMG, NHS/Steria, Newell Rubbermaid, Phillip
Morris International, Reynolds & Reynolds, Rockwell Automation, Shell,
Southern Company, Sun Chemical, The Bank of New York Mellon/SourceNet,
TriZetto, and many others. For more information, please visit
www.brainware.com.
Vivek Ramgopal, Director, Marketing Programs of Brainware, Inc., +1-703-948-5831, Vivek.Ramgopal at Brainware.com
Tags: Ashburn, Brainware Inc., virginia, Western Europe