Clover Technologies Prospers in Tough Economy
Clover Technologies Prospers in Tough Economy
Expanded Services, New Management Team Lead to Profits DETROIT, Sept. 10 Clover Technologies Inc., a Wixom, Mich.-based network integration provider, will attain its highest level of profitability in three years during the third quarter of 2001, according to Hiram Jackson, president and CEO of GlobalView Technologies LLC, which acquired Clover Technologies in December 2000. Clover Technologies will achieve several important financial milestones in the third quarter, including: * During the third quarter, the company will be the most profitable in three years; * Revenue in August was 38 percent higher than in July; September is projected to be 37 percent higher than August; * Clover Technologies has realized double-digit revenue gains each of the past three months; * Booked revenue is up 200 percent for August; * Customer billings have increased 45 percent from the previous quarter. Jackson installed a new management team at Clover Technologies, which focuses on the financial performance of each phase of the company's operations. Jackson praised the new management team and all of Clover's employees for helping the company reach record profitability so quickly. "The accomplishments of the new management team and all the Clover employees during the past few months has been nothing short of heroic," Jackson said. "We have created a culture of entrepreneurialism that has identified new and exciting service areas for the company and quickly identified underperforming divisions and business lines. We are now better focused on the needs of our customers and are providing services that are coveted in the marketplace." Jackson and his management team have completed several strategic initiatives to strengthen the company's service offerings, and quickly improve its bottom line. For example: * In April, the company launched Clover Automotive, a division focused specifically on the unique information technology needs of automotive manufacturers and automotive parts suppliers. * In June, the company launched a Professional Services and Technical Staffing division to provide its customers with a higher level of onsite consulting support. * In August, Clover Technologies acquired the assets of Dolman Technologies. This provided unique video capabilities and an entry into the litigation support industry. "Each of these strategic initiatives has improved our ability to meet a customer need while helping strengthen our overall financial performance," Jackson said. "We will continue to identify acquisition opportunities in the near future that will accelerate our evolution into one of the country's strongest information technology providers." Clover's national clients include Ford Motor Co., General Motors Corp., DaimlerChrysler AG, State of Maine, SBC Communications, Blue Cross Blue Shield and the University of Michigan among others. Founded in 1952, Clover Technologies is one of Michigan's largest network integration providers. Clover was recently acquired by GlobalView Technologies, a Michigan-based network integration firm.
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