SAN FRANCISCO, Aug. 7, 2006 (PRIMEZONE) -- ON24 Inc., the global leader in webcasting and video communication solutions, today announced that the Company has achieved a new, all-time sales booking and revenue record for the first half of 2006. Bookings surged by 54 percent over the same period for 2005. In addition, the Company continued its streak of quarter over quarter revenue growth. The second quarter 2006 marked the twenty-second consecutive quarter of increases.
During the first half of the year, the Company signed more than 50 new client contracts, including athenaHealth, Crawford Communications, Case Foundation, GlobalSources, Graco, Hemscott, Motorola, Tibco, and webMethods.
In June, the Company posted its largest single revenue-generating month in its history. Several factors contributed to the growth, including the influx of new European accounts that have joined the ON24 client roster since January. The Company's new international London headquarters, launched last year, has already attracted an impressive list of UK-based firms including Reuters, BP, and Dennis Publishing. "This is a fantastic accomplishment and I am delighted to report such powerful financial results for the first half of 2006," said Sharat Sharan, President and CEO of ON24, Inc. "Our client renewal rate is the highest in the industry, a true testament to the value they place on our global, rich media communications platform and the return on investment that they experience through its use across their enterprise."
"It is exciting to witness the tremendous market momentum that ON24 is experiencing," said Deepak Kamra, General Partner at Canaan Partners. "Consistent, sustained financial growth quarter over quarter is an impressive accomplishment, particularly in the technology sector. As ON24 continues to execute on its rapid customer acquisition strategy, the cumulative impact of recurring revenues will catapult the Company to a dominating industry position."
Companies interested in learning more about ON24's complete line of webcasting solutions can call (415) 369-8000 or send inquiries to solutions@on24.com.
About ON24, Inc.
ON24 is the global leader of webcasting and video communications solutions. More than 500 leading organizations including Cardinal Health, Cisco Systems, Motorola, CMP Media, Credit Suisse, Department of Education, Hewlett-Packard, National Science Foundation and Sun Microsystems use ON24 for activities such as lead generation, internal and external communications, conferences and events, product launches, training, continuing professional education, and executive announcements. The Company headquarters is located in San Francisco, with offices in Washington, D.C., New York and London. For more information, visit www.on24.com.
"A World of Webcasting Solutions. One Webcasting Provider" -- is a trademark of ON24