JACKSONVILLE, Fla., LONDON and SYDNEY (7 June 2007) — Vurv Technology, a global provider of technology and services for building great workforces, today announced record results for the first quarter. The company reported that for its fiscal quarter ended April 30, 2007, the company’s recurring revenues increased 70% over the same period a year ago and announced positive EBITDA for the quarter; results that the company believes are further validation of the strength of the software-as-a-service (On-Demand) business model and the emerging demand for talent management software.
Vurv continued to experience strong demand for its talent acquisition products and is now beginning to realize gains from sales of the rest of its talent management suite offerings. During the quarter, Vurv welcomed new subscriptions to its enterprise recruitment, onboarding, performance management, compensation planning, and new workforce transition and HR analytics offerings. Continuing its strong international momentum, Vurv closed new business on four continents and generated 16% of first quarter revenues from offices located in Europe and Asia Pacific. Subscriber growth also continued to grow during the quarter, bringing the total number of active users to more than 2.5 million worldwide and more than 553,000 users outside North America.
Vurv welcomed 17 new enterprise customers during the quarter, including SuperValu, Georgia-Pacific LLC, Charter Communications Operating, LLC, Aeropostale, International Monetary Fund, Sonoco Products Company, Epicor Software Corporation, and Oriental Trading Company, Inc. Vurv was also selected by the largest food and beverage company in the world with over 260,000 employees and operations in almost every country, a leading Fortune 500 health and hygiene company, and an advanced weapons and space system company with operations in 50 countries. In addition to new customer growth, add-on, renewal and competitive replacement business accelerated during the quarter.
During the first quarter Vurv also realized record-setting revenue from its Vurv Express product line – on-demand recruitment and performance management solutions for small and medium businesses (SMBs). Vurv Express added 36 new recruitment and 100 new performance management customers during the quarter and also began business expansion of its own outside North America. Vurv Express was also selected as a coveted CODiE award finalist in the category of Best On-Demand Platform
On the heels of its January 2007 acquisition of People Business Network (PBN), Vurv has successfully integrated the company’s business operations and began to realize sales synergies with the new offerings that help companies manage workforce transitions and separation events as well as provide decision support through human capital analytics. “We anticipate that U.S. companies will spend over $15 Billion this year alone on employee separations with little insight into the impact of their decisions,” said Derek Mercer, CEO of Vurv. “Unlike any solutions in the market of which we are aware, our offerings help customers tie their talent management initiatives to quantifiable business results – the value speaks for itself.”
About Vurv Technology
It’s all about the people! At Vurv Technology, formerly Recruitmax, we believe the fusion of individual creative energy, talent and passion with the organization’s purpose, mission and values can create an unstoppable force for success. With technology for recruitment, onboarding, performance, vendor and compensation management, Vurv is working to revolutionize the way top organizations around the world invest in their people to accomplish the awesome. Feel the creative energy, talent and passion at www.vurv.com. The HR industry´s premier online community and resource for Human Resource professionals: HR, human resources, HR community, human resources community, HR best practices, best practices in human resources, online communities for HR, HR articles, HR news, human resources articles, human resources news, HR events, leadership, performance management, staffing and recruitment, benefits, compensation, staffing, recruitment, workforce acquisition, human capital management, HR management, human resources management, HR metrics and measurement, organizational development, executive coaching, HR law, employment law, labor relations, hiring employees, HR outsourcing, human resources outsourcing, training and development
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