M-Tech releases financial results for 2002
February 4, 2003
Revenues increase by 110% as identity management solutions purchased by over 90 new enterprises
M-Tech, the leading provider of identity management solutions, today announced financial results for 2002, with 110% increase in revenues over 2001. The growth was attributed to new licensees of M-Tech's comprehensive enterprise identity management solutions: P-Synch and ID-Synch.
In 2002, the company licensed its identity management solutions to more than 90 new enterprises. In total, 1,115,000 new users now benefit from P-Synch and ID-Synch.
Some of M-Tech's new enterprise-wide customers include: Alcan, AmSouth Bank, Bell South, Independence Blue Cross, NCR Corporation, Pfizer, Princeton University, Sears Roebuck, Carrier Corp., United Technologies Corp., Symantec, and Zurich Insurance Company.
M-Tech also closed several deals with global IT outsourcers in 2002, which include significant license commitments for 2003 and 2004.
The growth in revenues resulted in record net income and a large increase in M-Tech's cash position. In keeping with its vision of maintaining the most innovative and rapidly deployable technology in the market, M-Tech plans to invest a considerable part of its cash reserves to expand product development, customer support, sales and marketing.
"Our customers can expect us to continue to provide exceptional customer support, and can look forward to numerous product enhancements in the coming year." said Mr. Shoham, M-Tech's CEO.
Mr. Shoham, M-Tech's CEO, noted that "The strong results in 2002 continued a trend of consistent growth and profitability. M-Tech is financially sound and has been profitable for 40 consecutive quarters." "Our strong financial position means that customers can rely on us to support them in the long term," he added.
Looking ahead, Mr. Shoham noted that M-Tech's sales of ID-Synch -- the account provisioning component of its identity management solutions -- are rapidly accelerating, and will likely represent at least 50% of the company's future revenues.
M-Tech is a leading provider of identity management solutions. M-Tech software streamlines both password and access management, yielding cost savings and stronger network security. M-Tech products have been deployed at hundreds of organizations, supporting over 5.6 million users world-wide. Production customers include Ford Motor Company, Sears Roebuck, and Bristol-Myers Squibb.