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Despite Economic Conditions Vector Networks Sees Stabilization in Existing and New Business Revenue
January 20, 2010 — Atlanta, Montreal, and Birmingham (UK) — Vector Networks, a leader in IT asset and service management solutions, today revealed that the company has weathered the economic conditions well and experienced revenue resilience through the second half of calendar 2009.
Steve Knowles, CFO for the Vector group of companies, identified key aspects of the results saying, “New business represented 43 percent of overall revenue, virtually identical with 2008's position. Existing customers showed great loyalty through this period, and maintenance revenue even increased significantly compared to the previous year during the second half.”
“As many customers seem to be remaining cautious on their business expansion plans, our revenues from expansion of their Vector IT asset management, IT support and Change Management installations also represented a smaller slice of income this year.
“However, toward the end of the year we saw a significant increase in the number of new customers going ahead with orders. Some of these had been deferred from much earlier in the year, but an encouraging number of these sales were from new inquiries that we only received quite late in the half year.”
Kevin Kiley, VP Sales for the Americas, sees ‘engagement’ as a critical factor going forward. Kiley added, “In this environment it has become more challenging for IT to win their cases for investment. There is much we can do with new prospects to help them understand precisely which details of our asset and service management solutions help them deliver on key needs of the business. It may be there is one specific report which delivers the precise data set needed to fulfil a new regulatory reporting requirement. Our pre-and post-sales support teams regard it as a privilege to be invited into close working relationships with customer teams, to ensure these needs are met.
“This orientation to customer service has always underpinned our approach to selling our software, but it has been an increasingly prominent factor these last six months. If IT teams are sticking their necks out and spending money, they need to trust the people they are buying from.”
About Vector Networks
Based in Atlanta, Vector Networks specializes in solutions for desktop asset and service management, issue tracking, and business process automation. Its PC-Duo brand is synonymous with high-quality enterprise-grade remote control. Vector Networks solutions have been installed and supported in over 20 countries since the company's formation seventeen years ago. With development based in Montreal and a highly mobile sales and support team, the company understands the needs and challenges of multi-site organizations.
Vector Networks also specializes in providing solutions which integrate RFID-based location tracking with IT asset management, effectively forming a bridge between asset security and asset management functions. For further information, visit www.vector-networks.com, or contact the company at solutions@vector-networks.com.
Media Contact:
Colin Bartram
Ph: +1 678 391 3760 (US office)
Ph: +44 7726 237606 (UK cell)