Web-based Business Intelligence Software Leader LogiXML Doubles Revenue for Fourth Straight Year in 2007
Performance in 2007 featured strong revenue growth, staff growth, office expansion, product expansion and an initial round of venture funding
McLean, Va. (PRWEB) February 27, 2008 -- LogiXML (www.logixml.com) today announced that the company experienced strong growth again in 2007, continuing the trend of the last three years of doubling each year. Driven by the popularity of the company's Web-based Logi 9 Business Intelligence (BI) Platform, LogiXML continues to gain market momentum in a growing market.
In its recent report "Magic Quadrant for Business Intelligence Platforms, 2008", industry research firm Gartner projected that "the BI market will show a five-year compound annual growth rate (CAGR), in revenue terms, of 8.6% through 2011." In this same report, LogiXML, Inc. was also mentioned in the report.1
Sales for the privately held company generated in 2007 grew 112% over 2006. LogiXML sales to OEM firms choosing to embed the Logi BI technology into their core offerings were particularly strong. The company's OEM business grew by more than 475% in 2007 compared to 2006.
In response to the growth in sales, the company tripled its staff and doubled its office space at its Northern Virginia headquarters in 2007.
"LogiXML continues to significantly outpace the growth of the overall business intelligence market. Our formula is straightforward; we offer a pure Web-based, feature-rich BI platform that is easy-to-use, deploy and integrate. And we offer it at a competitive price via a variety of licensing options," said Arman Eshraghi, LogiXML Founder and CEO.
Product development activity in 2007 allowed the company to deliver a major upgrade of its unified platform product line at the end of January 2008 with the introduction of the Logi 9 Business Intelligence Platform. This upgrade adds advanced features including a new Hybrid Data Engine, a new Logi Intelligence server, new widget support, new ETL capability, new Java support, new ad hoc Dashboarding and more Web 2.0-style options that distinguish LogiXML from the competition.
In December of 2007, LogiXML finalized its first round of venture financing with Updata Partners of Reston, Virginia. This first institutional funding of $5 million is targeted to expand sales and distribution growth.
LogiXML added more than 130 new customers in 2007. Among the new LogiXML OEM customers added in 2007 are human service software innovator Harmony, Inc., insurance industry content management software provider, ImageRight, and logistics software developer, Accellos, Inc. Representative customer wins in 2007 include car care industry leader Turtle Wax, the State of Washington Department of Natural Resources, and the Rocky Mountain Poison and Drug Control Center.
About LogiXML, Inc. (www.logixml.com):
LogiXML, the leader in interactive, Web-based Business Intelligence, empowers enterprises to turn data into actionable information with pure Web-based reporting and analysis products. The Company offers a unified platform that addresses all key areas of BI - managed reporting, ad hoc reporting, analysis and data integration. Used by thousands of organizations worldwide, LogiXML products are built on standards-based technologies for easy integration, implementation and upgrade. The LogiXML server-based pricing model makes its powerful technology the most affordable BI solution on the market. Founded in 2000, LogiXML is privately held, venture backed and based in McLean, Virginia.
1) Gartner, Inc. "Magic Quadrant for Business Intelligence Platforms, 2008" by James Richardson et al, Feb. 1, 2008
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