M-Tech Experiences Record Growth in Revenue and Customers in 2004
Strong Demand for Regulatory Compliance Capabilities in Identity Management Products Positions Company for Continued Expansion in 2005
Calgary, AB -- January 13, 2005 -- M-Tech Information Technology, Inc., a leading provider of identity management solutions, is pleased to announce another record year for 2004. A number of significant new customer wins, accelerated revenue growth and continued profitability characterize M-Tech's 2004 success. The company signed on over 110 new organizations taking advantage of M-Tech's Identity Management solutions to meet their identity management and regulatory compliance needs. These include Home Depot, Wyeth Pharmaceuticals, Hospira, Symbol Technologies, Barclay's Bank, Centura Health, Marathon Oil, Neiman Marcus, Tyson Foods, HCA Management Services, State of New Jersey and Ontario Power. In total, M-Tech customer's purchased over one million new Identity Management licenses in 2004.
M-Tech saw its revenues in 2004 increase by 22 percent from 2003. The workforce was expanded by 30 percent to accommodate both the expansion of the company customer base as well as new developments and enhancements of its market leading technologies. Professional services at M-Tech also experienced rapid growth in 2004 to manage the increase in demand for deployment services by Fortune 500 customers. In order to accommodate the rapid expansion in business activity, M-Tech relocated to a new state-of-the-art 41,000 square foot corporate owned headquarters in downtown Calgary.
"2004 was a record year for M-Tech in terms of revenue, earnings, new customers, license sales and overall company growth," said Gideon Shoham, CEO of M-Tech. "We successfully launched major new products to meet the demand for regulatory compliance solutions in 2004 and continue to see a significant market opportunity for us. Compliance with regulatory requirements will be a major business driver for M-Tech in 2005 and we anticipate this will increase our revenue by another 35% in 2005".
Major product news in 2004 includes:
- The release of version 3.0 of the Hitachi ID Management Suite, the industry's most advanced and robust set of Identity Management products.
- Major upgrade of ID-Synch for user provisioning and several new technology additions including Hitachi ID Automated Discovery for account reconciliation and cleansing, ID-Access for self-service resource access, and ID-Telephony for telephone password reset.
- The company's new regulatory compliance product, ID-Certify. This product addresses corporate needs of C-level executives to have reliable assurance that they are in full compliance with legislative issues such as Sarbanes-Oxley.
M-Tech also saw significant growth in its partner activity over the past year. More than one third of all revenue at M-Tech is now generated through reseller channels. M-Tech continued its dominance of reselling identity management solutions through the largest managed service providers. Currently, seven of the largest ten managed service providers in the world, including CapGemini, CSC, EDS, IBM Global Services and Siemens exclusively use M-Tech's IdM suite in managing IT services for millions of users worldwide.
About M-Tech Information Technology, Inc.M-Tech is a leading provider of identity management solutions for the enterprise. The Hitachi ID Management Suite combines ID-Synch for user provisioning, P-Synch for password management, ID-Certify to provide regulatory compliance, ID-Access for self-service resource access, ID-Telephony for telephone password reset and Hitachi ID Automated Discovery for account clean-up and reconciliation. Combined, these products offer a comprehensive identity management solution for mid-sized organizations to global enterprises. M-Tech is the only identity management software vendor to consistently prove an ROI in three to six months.
M-Tech's customers include Avon, Bank of America, Bristol-Myers Squibb, Cisco, eBay, Ford Motor Company, Intel, Kimberly-Clark Corporation, Merck MetLife, NCR Corporation, Pfizer, Pitney Bowes, Sears, Shell, Symantec, Wells Fargo and many more.. For more information on M-Tech and its products, please visit Hitachi-ID.com or call 1.403.233.0740.
Hitachi ID Systems, Inc.
500, 1401 1st Street S.E
Calgary, AB T2G 2J3
1.403.233.0740 ext. 324
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