NEW YORK, Feb. 5, 2008 (PRIME NEWSWIRE) -- CAST, the worldwide leader in Application Intelligence, today announced that their fiscal year 2007 revenue increased by 34%, with software revenue growth of 41% in Europe and 39% in the United States. In the US market, new license sales jumped by 78%. CAST experienced a positive 4th quarter, consistent with the past several quarters, confirming the continued expansion of the Application Intelligence market.
A focus on key target segments yielded many new reference customers, including Airbus, Boeing, Deutsche Post, Deutsche Bahn, Samsung, Federal Express, Credit Suisse, HSBC, the Pacifica unit of Credit Agricole, Dexia, the U.S. Securities & Exchange Commission (SEC), CLS, and Kaiser Permanente. Current customers, including Deutsche Telekom and France Telecom, expanded their CAST implementations in 2007, improving the technical quality of their software development while reducing IT risk and cost.
"Large companies in the telecommunications, finance and government sectors are exhibiting more interest in automated management visibility into their software development, to intercept problems before they impact operations," said Vincent Delaroche, CEO and Chairman of CAST. "Gaining new business, while paying close attention to our current customer needs, was paramount to our success in 2007 - and a goal for further improvement in 2008."
CAST has also seen success in the Systems Integrator market. Companies such as Atos, Capgemini, CSC, EDS, IBM Global Services, T-Systems and LogicaCMG, either launched or reinforced their investments with CAST to increase their productivity and the quality of software applications delivered to their clients.
"CAST enables Systems Integrators to better estimate risks associated with pre-sales, then enhance their client relationships by offering more transparency and objectivity," said Marc Zablit, CAST VP of Business Development. "The adoption, integration and resale of the CAST solution by many global SI leaders represent a critical step in market awareness and growth, while measuring technical quality throughout the software supply chain is an essential step in the industrialization effort."
Additionally during the past year, CAST was well received by IT departments in charge of software package integration, especially SAP and Oracle Applications. These opportunities will lead to numerous development possibilities within these ISV ecosystems.
CAST Management indicated in November, 2007 that the operational breakeven point would be reached with revenue of $42M. Profitability goals have been safely met with $45.5M in FY07 revenue*.
Development model and FY08
Several in-depth pilot projects were completed in the 4th quarter of FY07 representing a healthy pipeline of business for the company in early 2008. With operations cost increasing slowly, additional revenue directly contributes to profitability. The positive maintenance renewal rate of CAST's growing customer base, improvements in the company's direct sales force, as well as expanding relationships with SIs and Enterprise Software vendors are all accelerating growth and profit margins.
"CAST performance in 2007 represents an important step in the company's future development and strongly reinforces its position as a leader in the Application Intelligence market," said Delaroche. "For the next three years, CAST predicts a pattern of double-digit growth and strong profitability.
*Euro-Dollar exchange rate at time of press release: EUR 1 = $1.487
About CAST
CAST is the world leader and pioneer in Application Intelligence software, providing the metrics and information IT executives must have to measure, monitor and improve the technical quality of business applications and the performance of development teams around the globe. Founded in 1990, CAST has helped more than 600 organizations worldwide speed delivery to the business, mitigate risks in production, improve customer experience, and reduce the total cost of application ownership. 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