New York, NY (PRWEB) August 22, 2008
CitiXsys, a leading provider of software solutions for the Retail and Wholesale Distribution Supply Chain, recently announced the financial results for the first quarter of 2008. The company reported a strong first quarter as it witnessed an increase in its global sales thereby significantly outperforming its own forecast guidance.
The first quarter of 2008 (April -June) saw momentous increase in revenue target and brand equity along with an increase in new customer acquisitions and partner collaborations. Over 40 new customers were globally acquired bringing in a substantial increase in net revenue, and the addition of 6 new partners to CitiXsys' global channel marketing initiative. The revenue target estimated for this quarter was not only met but also exceeded by 140 percent.
"CitiXsys has had an outstanding quarter and a strong first half for 2008. These results demonstrate CitiXsys' ability to thrive in both emerging and established markets. We are enjoying a steady flow of recurring revenue and profits due to market expansion strategies; services and products that deliver genuine value to clients and a strong and flexible financial foundation that generated cash flows and fuels our investment for future growth opportunities," said Kamal Karmakar, CEO of CitiXsys. "To this end we will continue to follow the path of increased investment in sales and partner management initiatives to fuel future growth opportunities. Results like these can only be achieved with the continued commitment and support from our Channel Partners, SAP and our dedicated global workforce and with this commitment we hope to achieve even greater results in the next quarter," he added.
This past quarter also witnessed the addition of Bharat Gupte to CitiXsys' Board of Directors. With over 30 years of financial, operational and marketing experience, Bharat has helped companies globally achieve business growth and profitability and led organizations through successful mergers and acquisitions. Bharat's past experiences includes executive management positions in multi-billion dollar organizations both domestically and internationally. He sits on the boards of LumaSense Technologies, Niksun and Stratosphere Solutions. He has also served on the boards of Redwood Venture Partners (a private equity firm), Optovation (photonics subsystems), Gtran Inc. (optical subsystems), Nextnine (software services), Tavanza (wireless RF), GWS Photonics (semiconductors), Axcel Photonics (photonics) and Kromos (satellite communications), Lambent Technologies (sold to Induslogic in 2006).
"Bharat brings an incredible wealth of industry experience and we look forward to benefitting from his insights and experience as a member of CitiXsys' Board. We expect that his talent and experience will provide us with the momentum to continue CitiXsys' drive towards achieving even greater results," said Kamal Karmakar.
Other notable achievements attained during the first financial quarter (April - June) of 2008 at CitiXsys include global recognition accredited to CitiXsys as the SME Global Innovation Partner by SAP and being awarded an SAP® Pinnacle Award. In addition, CitiXsys was also featured by Dun & Bradstreet in a premier publication as one of India's Top IT Companies for 2008.
CitiXsys is a leading provider of products for SAP® Business One in the Retail and Wholesale Distribution Supply Chain. The largest SAP® Business One Solutions Partner globally, CitiXsys also provides implementation, integration and customization services to SAP partners and customers worldwide. CitiXsys clients have realized the promise of the CitiXsys Advantage: innovation, on-time service delivery, rapid return on investment and high quality products and solutions.
CitiXsys helps clients across North America, Europe, Asia Pacific regions and Africa realize high business impact and value from improved retail, wholesale and distribution solutions in the Business One landscape.
Acknowledged as a leading Business One Solution Provider by industry analysts and experts, CitiXsys clients include globally recognized companies such as American Express, SAP, Swarovski Optik, Greiche & Scaff, Britannia, Wellborn Cabinet, Inc., Biotique, Colio Wines, Margaret Howell and Alcan. CitiXsys has been acknowledged as the SME Global Innovation Partner by SAP, and is the recipient of the SAP® Pinnacle Award, a global recognition given by SAP to CitiXsys in 2008. The company has its corporate headquarters in New York City and offices in the U.S, Canada, U.K, Australia and India. For more information please visit: http://www.citixsys.com.
All product and service names mentioned are the trademarks of their respective companies. SAP® and other SAP® products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP® AG in Germany and in several other countries globally. Data contained in this document serve informational purposes only. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to CitiXsys are intended to identify such forward-looking statements. CitiXsys undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.