Here's a break in our editorial technology discussion for an official news wire from iTKO Corporate:
iTKO Completes 2010 with Record Growth and Profitability
DALLAS, TX, January 26, 2011 (Business Wire) -- iTKO, the leading provider of virtualization, test, and validation solutions for composite and cloud-based applications, today announced record results for calendar year 2010. iTKO delivered calendar year results of 109% year-over-year revenue growth and 39% after tax profit margin, while increasing its cash position by 149%. The company added a significant number of Global 2000 enterprise customers in 2010 and saw a sharp increase in the number of seven-figure enterprise license contracts. Using iTKO's LISA solutions, customers can rapidly deploy virtual service environments, cloud labs and continuous automated testing to eliminate constraints, improve performance and drastically reduce time and costs for complex enterprise applications. The company finished the second half of 2010 with a revenue run rate increase of over 150%.
Indeed, 2010 was an interesting growth year for iTKO, and while we are very happy about our financial results above, and expanding our business into new regions, we also think we are seeing bigger market forces at work here that are helping us along.
Fundamentally, we are seeing a huge shift appearing among large enterprises that rely on IT for a large portion of their business toward genuinely embracing distributed integration approaches: employing both rich UIs and services, atop messaging frameworks and platforms, and leveraging third party SaaS and Cloud-based services to do a lot of the back-end work.
All this has increased the flexibility and agility of software development, but it has at the same time drastically increased the volatility and risk of costly failures in production. Companies that do not address these IT risks with methods and tools up to the task of today's complex architectures will fail in front of customers.
Why was 2010 a tipping point for many of these enterprises? A tougher economy created tougher competition - so getting to market with new functionality and higher performance became critical to capturing and retaining customers. And continuing to "patch over" all those integration issues by throwing more testers and developers at the problem eventually became impossible - there are just too many potential problems to continue to catch and repair manually in today's complex architectures. Too many constraints and changes in the environment that bog down the efforts of multiple teams and business partners, all trying to work in sync on their own piece of an extended application.
Whatever the root causes, we are thankful for each new and returning customer who believed in iTKO's vision, and helped us realize our goals this year. We are committed to your continued success in reshaping application development - so you can get to market faster, with richer functionality and higher performance, at lower cost and risk.
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