NEW YORK, April 6 Zanett, Inc. today announced that it has set an in-house corporate record for contracts signed in a single quarter since the Company was founded over 10 years ago. During the first 3 months of 2010, over $17.1 million dollars in new business has been closed. This amount is comprised of 57 different customers, with the largest customer being responsible for a $4 million mandate. The $17.1 million in deal closings currently reported for Q1 includes the earlier reported $12.0 million comprising of business closed in January and February 2010.
PAST 6 MONTHS = $30.8 MILLION IN NEW BUSINESS
During the past six months, over $30.8 million of business was closed. Chuck Deskins, President of Zanett Commercial Solutions stated, "I am not easily excitable, but all I can say is... Wow...! The 21 great people in our national salesforce have been doing a fantastic job across all segments and throughout all geographies. Over 43% of all new business closed in Q1 was with brand-new customers."
The greater part of the business that has been signed during the past 6 months will be recognized as revenue during the next 4 quarters.
AMERICA IS THRIVING ... SO IS ZANETT'S HEALTHCARE FOCUS
At Zanett, the Healthcare Sector was by far the biggest segment of contracts signed for the past 3 months, accounting for 42% of the value of all contracts signed. Over the past 6 months, more than $11.3 million of new business has been closed in the Healthcare Sector.
Dennis Harkins, President of Zanett Inc, said, "I have said it before and I will say it again ... America is thriving and business is booming ...! People are currently underestimating the magnitude of this economic recovery."
"Throughout the US, corporations are currently hesitant about hiring individuals, due to unknown and unfunded mandates from Washington DC, so they are spending their money on increased capital expenditures. For any corporation out there, Oracle ERP and other IT spending are a natural beneficiary of a reduction in labor force. Here at Zanett, we have a great national salesforce, and they can barely keep up with the demand they see."
About Zanett, Inc.
Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations and mid-market organizations in Healthcare, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government.
Zanett helps organizations align business objectives with outsourced technology-enabled services to create Real Enterprise Value. We serve the Fortune 500 and mid-market organizations in Health care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government with solutions ranging from business consulting as well as custom business solutions that integrate and implement Oracle's full suite of product offerings Oracle, JD Edwards, PeopleSoft, Seibel, including infrastructure technology and managed services together with associated Oracle Fusion technologies. Zanett employs over 225 professionals in North America and Asia with offices in Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach, and Manila. For more information please visit http://www.zanett.com/ or http://healthcare.zanett.com .
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such.
For more information please contact: Brad Gillespie Vice President, Marketing Zanett (404) 849-7091 Brad.Gillespie@zanett.com
SOURCE Zanett, Inc.