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 Visiprise Outperforms in 2003Merger Exceeds Financial and Operations ObjectivesATLANTA -- February 10, 2004 -- Visiprise, the recognized leader in enterprise manufacturing execution systems (MES) for electronics, automotive, aerospace and defense, announced today that the company exceeded its financial and operating objectives for 2003. Visiprise provides software solutions that connect, collect, control, and collaborate with real-time manufacturing data in a multi-tier supply chain. Visiprise was established by the merger of NetVendor, a successful venture-backed collaboration software provider, and the manufacturing software division of Teradyne (NYSE: TER), a manufacturer of test equipment and interconnection systems for electronics manufacturers. In the year since the merger, Visiprise exceeded its revenue targets significantly, increased its customer base through the addition of 6 new customers, completed 24 new deployments across the globe; and received additional software and services orders from 58 existing customers. New customers include two Fortune 100 companies in the aerospace & defense industry, three global electronics companies, and a large medical device company, which represents a new market for Visiprise. Financial and Business Objectives "It was important to the board that Visiprise meet both its financial and customer deployment objectives during the course of 2003," said Jim Robinson III, former CEO of American Express Company and co-founder and General Partner of RRE Ventures, a venture capital firm investing in information technology companies. "In addition, we wanted to see growth in each of Visiprise's target markets. We were delighted that Visiprise achieved both goals, as well as its commitment to total quality management and service delivery," continued Robinson. RRE Ventures is a principal investor in Visiprise, where Robinson serves on the board of directors. Product Development and Customer Service "One of our primary objectives in 2003 was to continue to enhance, implement and execute best practices for both product development and delivery," said Sean McCloskey, president and CEO, Visiprise. "We believe that our value to our customer base lies not only in developing a good, robust product, but also the expertise that we have in delivering and implementing that product as evidenced by the large number of successful deployments completed during the year." Product development milestones included the release of Visiprise Manufacturing 3.0 and meeting development targets for version 3.2, which will be released in Q2 of 2004. The company also began the initial requirements processes for Visiprise Manufacturing 4.0, which is expected to further solidify Visiprise Manufacturing as the premier MES solution in the electronics, automotive, aerospace and defense industries. Because of growth and continued success with deployments worldwide, Visiprise also focused on enhancing its ability to support customers throughout the world. In 2003, the company rolled out a worldwide support model for the global customer base and now has three support centers - in North America, Europe, and Asia. "Visiprise has now upgraded, implemented, and rolled-out this infrastructure, which provides 24 x 7 support for all of our global customers," said Tim Klimavicz, vice president of services, Visiprise. Partnerships On the partner and business development front, milestones for the year include a signed OEM agreement with Pilgrim Software to provide closed-loop corrective and preventative action (CAPA) and further commitments to the UGS Solutions (formerly EDS PLM Solutions) relationship. Visiprise and UGS Solutions have developed and released a closed-loop integration between UGS's flagship Product Lifecycle Management solution called Teamcenter and the Visiprise Manufacturing product, that connects design to the point of manufacture. "2003 was a very positive year for Visiprise by any metric and while we were confident we would meet our operating objectives, we experienced demand even greater than that which we had anticipated," said McCloskey. "As a result, we accelerated our growth plans to meet this demand." About Visiprise Visiprise has customers in the electronics, aerospace & defense, automotive, and medical devices industries, including BAE Systems, Celestica, DaimlerChrysler, Philips Lighting, Solectron, Sun Microsystems, and Textron. Visit www.visiprise.com. NOTE: The names of actual companies and products mentioned herein may be the trademarks of their respective owners. Contact: www.redninePR.com |
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