PHILADELPHIA, March 8, 2006 - VirtualEdge (VE), an industry leader in Talent Lifecycle Software, today announced yet another year of record growth in bookings over 2004, a 60% increase in new customers and an 88% increase in deferred revenue to close out the year ending December 31st. With fourth quarter sales that drove the strongest quarter in company history, VirtualEdge sales soared in 2005 increasing contracted backlog 102% and working capital 158%. The record sales growth was fueled by the addition of over 40 new customers, new product innovations and expanding user adoption in the U.S., Asia Pacific, and Europe.
Diane Smith, Chief Executive Officer of VirtualEdge stated, "Fiscal 2005 continued to tell a very powerful story for VirtualEdge and I am extremely pleased with our teams results, which were highlighted by record customer acceptance, bookings and recurring revenue." Smith added, "Organizations have a tremendous opportunity to increase performance through their talent management initiatives. In a marketplace fueled by intangible assets, anything less than optimal workforce talent can threaten a firm's survival. As more and more world-class organizations become conversant with the most effective ways to attract, engage, deploy and retain talent; they turn to VirtualEdge to provide the software foundation of excellence to drive their overall strategies in lock-step with their valued talent assets."
2005 Brings Customer Momentum and High Demand For VE's World-Class Solutions
Affirming the company´s momentum and continuing success, VirtualEdge has been recognized as the company to watch due to recent blue chip wins and innovative technology offerings. The company´s Talent Lifecycle Suite brings together for the first time, the only on-demand Zero Code platform solution to provide customers the effectiveness and efficiency of moving talent throughout their business. This single unified solution strategy has become an increasingly important differentiator in driving sales, consisting of innovative software applications combined with industry best practices for success. A sampling of VE´s new customers include AMD, Chevron Corporation, Schneider National Inc., 20th Century Fox, Delta Airlines, Scholastic Corporation, Toshiba Medical, The Chubb Corporation, Fair Isaac, Marvell, Moses Cone, St. Vincent´s Hospital, LSI Logic, RealNetworks, Intuit, and Safeco Insurance.
Business Highlights:
* VE added new enterprise customers across multiple verticals while surpassing the 100th customer milestone. Increased contracted backlog 102% and working capital 158%.
* VE achieved a 60% increase in customer growth adding high profile customers: Chevron Corporation, Intuit, AMD, 20th Century Fox, Delta Airlines, Safeco Insurance, Schneider National Inc., and many others.
* VE announced the first truly global solution supporting the Unicode standard for international languages. This standard includes storage, display and full searching capabilities for the principal languages of the world including those in use in European and Pacific Rim countries, along with capabilities to support regional language variations.
* VE strengthened the strategic relationship with ACS, a recognized Fortune 500 market leader providing business process outsourcing and information technology solutions. VE delivered talent management solutions for The Chubb Corporation, Delta Airlines, and Safeco Insurance in 2005.
* VE Salute was introduced, supporting the successful onboarding application that streamlines and accelerates the process of integrating new hires into an organization. From managing security access to collecting new hire data to distributing company documents, VE Salute manages the assignment, visibility and completion of onboarding activities.
* VE´s 2 Major Releases included new features that set the benchmark for giving customers the Power to Perform adding functionality, personalization and performance improvements that increased customers´ productivity were introduced, adding further momentum to VE´s efforts for continued market penetration of the talent management market.
Winning Innovations In Talent Lifecycle Software
In fiscal 2005, VirtualEdge expanded its leadership in the Talent Lifecycle Software marketplace by expanding their solution suite to help companies optimize the flow of talent throughout the organization, significantly improving productivity and fundamentally impacting the overall capital of the business. The VE Talent Lifecycle Suite combines workforce planning, sourcing, recruiting, onboarding, internal mobility, and offboarding to create unique solutions tailored to address specific business challenges wherever they may occur in the talent lifecycle. With The VirtualEdge Talent Lifecycle Suite organizations are equipped for success by having a strategy-focused view of the world around them, supporting their Talent Lifecycle needs every step of the way.
"Our success in 2005 confirms our leadership and focus in the Talent Lifecycle Software marketplace. Over 100 customers have validated the depth and breadth of our solutions, our eighth consecutive year of growth is well beyond the growth pace of the market, and our successful solution adoption in Europe and the Asia Pacific region all underscore our ability to consistently execute," said Smith. She continued, "I speak for the entire VE team when I say how proud and appreciative we are of our customer´s and partner´s immeasurable impact on our success and we look forward as a team to continue to help power recruiting professionals around the world fundamentally impact the overall talent capital of their business. We are about to reveal yet another wave of new innovations that the Talent Lifecycle Market has never seen before - so it´s already looking to be another exciting year for VE."
About VirtualEdge
VirtualEdge Corporation (VE) is a worldwide leader in Talent Lifecycle Software. VE provides the enterprise software foundation enabling companies to optimize the flow of talent throughout the organization, significantly improving productivity and fundamentally impacting the overall capital of the business. VE is the trusted solution partner for approximately one million users at more than 100 enterprises in over 80 countries. Many of the world´s foremost organizations such as Agilent Technologies, Avery Dennison, Campbell Soup Company, Chevron Corporation, CITGO, Delta Airlines, Genworth Financial, Honda of America Manufacturing, Rohm and Haas, sanofi-aventis, The Schwan Food Company, Schneider National Inc., and SunGard utilize VE solutions. To learn more about VirtualEdge, visit www.VirtualEdge.com or in the United States, call (877)485-5454.