Zanett Inc. (MM) (NASDAQ:ZANED)
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Zanett, Inc. (NasdaqCM: ZANED), a leading consulting firm specializing
in business process outsourcing (BPO), IT enabled services (ITES), and
information technology (IT) serving Fortune 500 corporations and
mid-market companies, today announced it has signed new contracts during
June worth a combined total of almost $5.8 million, bringing the total
value of contracts signed in the second quarter to approximately $13.2
million.
Among the contracts were:
A $1.4 million agreement with a leading global clinical research
organization involved in the biopharmaceutical industry,
A $1.0 million contract with a cancer treatment center, and
Two contracts worth an aggregate of $1.2 million with a State
Government.
Dennis Harkins, President and Chief Financial Officer of Zanett, said, “These
contracts not only underscore the strength of our sales team and of our
sales pipeline, but also the economic strength of our customers. We have
won contracts with new clients, and we were awarded repeat business from
our existing customers. We believe that these contracts are solid
evidence that Zanett is a proven leader in our field that has earned and
continues to earn the trust of our customers. We are especially pleased
with the growth of our Oracle-PeopleSoft practice, which is responsible
for the two largest contracts in the month of June. Our broad-based
expertise in Oracle technology, including their PeopleSoft platform, has
resulted in this success.”
Harkins stated, "Our overall market is strong. Our customers are in
those sectors that are economically strong. Most of our customers
realize that Zanett specializes in business transformation, and the ROI
on our engagements is usually less than one year. Companies are spending
money where the long-term savings are allowing them to recoup the cost
of the project in a relatively short timeframe.”
He concluded, “The June contracts, combined
with those we announced for April and May, bring our second quarter 2008
total to roughly $13.2 million in newly signed business. Therefore, we
remain on target for our second quarter 2008 revenue guidance growth
rate of 10-12% above the same period of 2007. Furthermore, given the
status of our sales pipeline, we believe third quarter revenue will also
be higher by a double digit growth rate, year over year.”
About Zanett, Inc.
Zanett is a leading business process outsourcing (BPO), IT enabled
services (ITES), and information technology (IT) consulting firm serving
Fortune 500 corporations, mid-market companies, and highly classified
federal agencies involved in Homeland Defense and Homeland Security. The
company has historically operated in two segments, Government Solutions
and Commercial Solutions. With the sale of PDI, Zanett will focus
exclusively on its Commercial Solutions business.
The Commercial Solutions segment provides BPO, ITES, IT and Management
Consulting Services, as well as delivers custom business solutions that
integrate and implement Oracle's full suite of product offerings -
Oracle, JD Edwards, PeopleSoft, Seibel, together with associated Oracle
Fusion technologies. A wide range of industry-focused delivery expertise
is provided to clients, including Managed Services, Enterprise
Applications, Business Intelligence, SOA, and Middleware Technologies.
Zanett also provides full infrastructure and application hosting,
utilizing local and international resources, remote and onsite DBA
support, all on a 24x7 basis.
Zanett currently employs over 200 people nationwide, is headquartered in
New York City, and operates out of 8 offices (Atlanta, Boston,
Cincinnati, Detroit, Indianapolis, Jacksonville, New York City and the
Philippines). For more information, please visit http://www.zanett.com.
Certain statements in this news release regarding projected results
of operations, or, projected results of financial plans or future
strategies and initiatives, including, but not limited to, projections
of revenue, projections of profitability, any and all future
expectation, and plans for future activities may and should be regarded
as ``forward-looking statements'' within the meaning of the Securities
Litigation Reform Act. These statements involve, among other things,
known and unknown risks, uncertainties and other factors that may cause
Zanett, Inc.'s actual results, levels of activity, performance or
achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by such
forward-looking statements. Zanett currently is considering, but in
reality may or may not in the future implement any or all of the items
and issues listed in any planned budget or strategic initiative, due to,
among other things, known and unknown risks, uncertainties and other
factors.
Circumstances do change, and if and when the landscape changes,
Zanett shall endeavor to remain as flexible as possible, and adjust its
strategy accordingly. Zanett, Inc. undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events, change in strategy, or otherwise. The
aforementioned listing of risks and uncertainties is not inclusive. For
a more detailed discussion of some, but not all, of the risks and
uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings
with the Securities and Exchange Commission.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a
division of, nor a subsidiary of, nor in any other manner connected with
Oracle Corporation, and no implication is made whatsoever to suggest as
such.