HiSoftware Releases QIII-2010 Financial Results

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Record Year Over Year Sales Growth of 170 Percent Fuels Unified Content Compliance Provider

High levels of customer satisfaction and strong revenue growth highlighted a very impressive quarter.

HiSoftware Inc. (http://www.hisoftware.com), a leading provider of web compliance and social computing solutions, today reported financial results for the third quarter ended September 30, 2010.

Sales for the quarter were up 233 percent from the same quarter last year, with year to date sales increasing 170 percent from the same nine-month period in 2009. Continual strong sales accelerated revenue to 114 percent of prior year revenues. Recurring revenues grew at a rate of 70 percent for the quarter over the same period of last year. Net operating income of greater than 25 percent remained strong.

“High levels of customer satisfaction and strong revenue growth highlighted a very impressive quarter,” said Kurt A. Mueffelmann, President and CEO of HiSoftware. “The quarter’s strong financial performance demonstrates our focus on customer needs and execution against our strategic plan. Our revenue growth and in particular our strong growth in recurring revenues, helped drive core net income levels to more than double the prior fiscal year. We are well positioned to continue to pursue strategic key customer acquisitions in the Unified Content Compliance market and are excited about the prospects for HiSoftware.”

Third Quarter Customer Highlights Include:

  •     Deepened existing relationships and added to the growing list of customers utilizing HiSoftware’s Compliance Sheriff to manage Web governance while increasing user trust and confidence through a content compliance strategy. New customer additions included large corporate accounts in the key vertical markets of retail, consumer brands, financial services and insurance.
  •     Released and sold 35 new licenses for HiSoftware Compliance Sheriff Accessibility Foundation Module (AFM) for SharePoint 2010, the company’s solution for making the SharePoint environment accessible for those with visual impairments in compliance with WCAG 2.0 and US Section 508 accessibility standards.
  •     Expanded the company’s portfolio of Public Sector clients with Compliance Sheriff Privacy, Accessibility, Operational Security and Brand Compliance licenses being procured by US federal agencies including the Veterans Administration, Internal Revenue Service, US-Army, Securities Exchange Commission and the Department of Education. Other Public Sector customer relationships include Texas Tech University, Montgomery County, Sonoma County and the Commonwealth of Massachusetts.

Third Quarter Strategic Highlights:

  •     Expanded staffing levels by 20 percent.
  •     Obtained Microsoft Gold Partner Certification.
  •     Partnered on a strategic alliance with Telerik to provide the RadEditor as part of HiSoftware’s AFM solution for SharePoint 2010.
  •     Broadened geographical distribution with KnowledgeCue in New Zealand and Corporate Product Solutions Group in the United Kingdom.
  •     Published a joint white paper with Microsoft: Gov 2.0: Promoting Inclusive, Open and Transparent Government through Technology.

About HiSoftware

Founded in 1998, HiSoftware (http://www.hisoftware.com) is a leading provider of Web content and social computing compliance software that monitors risk management across disperse e-Content environments – keeping information safe, appropriate and within regulatory guidelines. The company’s solutions provide a Governance, Risk Management and Compliance (GRC) platform for automating effective business processes for confidentiality, privacy, brand integrity, site quality, accessibility and inappropriate content for public websites and intranets. HiSoftware’s customers consist of many of the world’s largest public and private intranet and public facing sites including US and international government agencies and Global 2000 companies.

HiSoftware and HiSoftware Compliance Sheriff are trademarks of HiSoftware Inc. which may be registered in certain jurisdictions. All product and company names herein may be trademarks of their registered owners.

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Irena Mroz
HiSoftware Inc.
603-578-1870 ext. 12
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