Symphony Services Announces Record Business Performance; Poised for Continued Growth in 2012

Record Financials, Surging Client Roster, Innovative New Offerings and Industry Accolades Highlight the Company's Rapid Growth

PALO ALTO, Calif., Jan. 30, 2012Symphony Services, a leader in software and product engineering services, today announced record business performance for the year 2011, including financial growth, as well as geographic and market reach expansion, innovative new product and service offerings, and  industry-wide recognition as a technology leader.  Financial highlights include 12% sequential quarter revenue growth in Q4 2011; 24% growth in full year earnings before interest, taxes depreciation and amortization (EBITDA); annual bookings growth exceeding 60%; and more than 65 new clients. 

In 2011, Symphony Services also expanded its comprehensive and innovative global delivery and support capabilities in South America via the acquisition of Buenos Aires, Argentina-based, JPC Software. This expansion deepens Symphony Services’ reach into key vertical markets, including banking, food & beverage, financial services, energy and IT.

Along with expansion into new markets and record financial achievements, Symphony Services reached additional milestones in 2011, including:

  • Named the #1 R&D services provider in the software and ISV vertical by Zinnov Management Consulting in its annual ranking of global R&D service providers
  • Launched new practices in enterprise mobility and SaaS, including the industry’s first integrated enterprise mobility solution architected specifically to help software makers conceptualize, productize and commercialize rich, cross-platform mobile application experiences
  • Established  broad set of SaaS and cloud-based relationships, including collaboration with Corent Technology to help customers migrate applications to cloud-based SaaS solutions; with Electric Cloud in the creation of cloud development solutions ; and with TechCello to deliver multi-tenancy frameworks for .NET-based SaaS migrations
  • Surpassed 4,000 global employees  with the addition of experts in key technology growth areas
  • Created new company, SUMMUS Software, Inc., which was spun off from  Symphony’s popular IT service management offering, Summit
  • Positioned prominently in leading market research reports, including Gartner, Inc.’s  Magic Quadrant for Telecom Expense Management (TEM) leadership

"The convergence of software with cloud and mobility has dramatically shifted the development challenges our clients face when trying to build and commercialize new software and software-enabled products,” said Sanjay Dhawan, CEO, Symphony Services. "The recent surge in our business is a direct reflection of the investments we have made in these emerging areas, the uniqueness and readiness of our solutions and our innovative commercial engagement models.”

About Symphony Services 
Symphony Services is a software innovation company. We help our clients ideate, develop, deploy and manage innovative software and software-enabled products. Our solutions address traditional and new software product engineering challenges created by faster release cadences, the need for mobile cross-platform user experiences and the shift to a cloud delivery model. Symphony's unique Outcome Certainty engagement model enables our clients to accelerate their product experiences while tackling a wide range of new development complexity and cost challenges with guaranteed results. Our global client base includes eight of the 10 largest software manufacturers, along with leading healthcare, retail, financial, telecom and clean-tech companies.

For more information, please visit www.symphonysv.com.

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