Progress Software has continued to deliver positive results, growing revenue 3% in its fourth quarter and 4% in the full financial year ended 30 November 2002. Revenue for the quarter increased to $72.1 million, up from $69.7 million in the same quarter in 2001; and for the 12 months ended 30 November 2002, revenue increased 4% to $273 million from $264 million in 2001.
Rick Parry, MD of Progress Software SA, says local results closely tracked those of the parent company. However, from his point of view, what was more significant is that 2002 was Progress Software SA`s third year of operation as a subsidiary company, concluding the successful completion of a growth plan that was set three years ago.
In what could be described as the most challenging period in the history of IT, Progress Software SA attained an overall revenue growth in excess of 55% over the three-year period.
"Last year proved to be as difficult a year for Progress SA as any other IT supplier. However, under the circumstances the company enjoyed a highly successful year, both locally and internationally, as can be witnessed by the results," says Parry. "The company continued to grow revenue and profits in a business environment that has severely impacted many software companies and this success can be attributed to its partners and its products, which bring exceptional value to customers."
According to Parry, what was particularly exciting about the successes of the past three years was the attainment of a 55% growth in licence revenues, the mainstay of Progress`s business and a staggering 210% growth in services.
The company has come through a challenging period during which, in conjunction with its business partners, it managed to establish Progress Software SA as a serious competitor in the local market, says Parry. He adds that, with significant growth expected in the company`s partner base, plus developments with Sonic Software and Peer Direct, Progress SA will see even greater success in the next three to five years.
"Progress believes that the acquisition of eXcelon will offer tremendous benefits to Sonic Software, which has already established itself as the innovator and leader of the emerging enterprise service bus (ESB) architecture within the application integration market," says Parry.
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