Vastera Reports Record First Half 1999 Results
26 July 1999
Vastera Reports Record First Half 1999 Results; Record Financial Results, Two Acquisitions and Explosive Personnel Growth Bolster Success
DULLES, Va.--July 26, 1999--Vastera, the leading provider of international trade logistics (ITL) solutions, today announced record results in both revenue and growth during the first half of 1999 (1H99).The company's 1H99 revenues were equal to its revenues for all of fiscal year 1998. Revenue during 1H99 for Vastera grew 168% while its number of employees increased by 65%, growing from 104 to 172 people.
In addition to its record revenues, Vastera announced two acquisitions during 1H99: the acquisition of Deltac, Ltd., Europe's premier export control firm, and the acquisition of Quantum International, an international trade consulting company, located in Denver, Colorado.
"More and more companies are recognizing the return on investment and the value of automating international trade logistics processes with our Global Passport(TM) (software) solutions," said Arjun Rishi, president and CEO with Vastera. "As the industry continues to grow, Vastera has the infrastructure, expert personnel, technology, new clients, and financial strength to continue our market dominance."
Thirty software license deals closed by Vastera in 1H99, also contributed to its financial success. Some of the new clients who acquired the Global Passport(TM) solutions include: Amdahl, Allegiance Health Care, Matsushita Panasonic Avionics, Teradyne, Symbol Technology, Unisys, Unilever, Ciba Vision, Torrington, Crowley Maritime, and BAX Global.
The industry recognizes the success of Vastera. Some of the recognition recently received by Vastera includes the following:
| -- | Vastera was the only ITL vendor listed in ManufacturingSystems Top 100 Software 1999 list. The list recognizes leading software companies providing manufacturing and supply chain software applications. |
| -- | Vastera was the largest ITL revenue producer in Software Magazine's World's Largest Software Companies 500. According to John P. Desmond, the editorial director at Software Magazine, this year's entries were dominated by companies fueled by e-business and the opportunities available to open source software. |
| -- | For the second year in a row, Vastera received the Virginia Technology Fast 50 Award by Deloitte & Touche. The list recognizes the 50 fastest growing technology companies in Virginia based on percentage growth in revenue from 1993-1999 and automatically secures Vastera's eligibility in the upcoming National Technology Fast 500 award. |
About Vastera, Inc.
Vastera is the leading provider of software, trade content, and services designed to help companies manage and automate their international trade logistics processes.
International trade logistics involves managing the process of moving goods in and out of countries in a timely and efficient manner, including integrated export and import management functions for regulatory compliance, Restricted Party Screening(TM), License Management(TM), Tariff Management(TM), Customs clearance, and international documentation.
Established in 1992, Vastera has achieved rapid growth in both revenue and staff. The company's software product, Global Passport(TM), is the preeminent solution for international trade logistics and is used worldwide by companies in a variety of industries.
Clients include Federal Express, ABB, Nortel, Dell Computer, Robert Bosch, Microsoft, Sun Microsystems, and Lucent Technologies, among others. For more information, please visit the worldwide web site: www.vastera.com.