OpenLink Reports Record Growth Results for 2000
Double-Digit Increases Realized in Revenues, Client Sites and Staff
MITCHEL FIELD, NY, March 22, 2001 /PRNewswire/ - OpenLink, an industry leader in energy and financial trading and risk management software solutions, expanded dramatically in 2000, continuing the company's three-year growth trend in revenues, clients and staff. For the year ended December 31, 2000, OpenLink reported annual revenues of $24.1 million while continuing its profitable organic growth strategy, which resulted in a 114% increase in net income.
This new record reflected a 60% increase over fiscal year 1999, with 70% of the 2000 revenues derived from license fees and software maintenance. Other benchmarks included a 61% increase in client sites and more than 100% growth in staffing. During 2000, client highlights included the signing of Nexen, Texaco, Gaz de France and PanCanadian Petroleum, as well as substantial expansion among existing clients, with 70% adding new users or expanding system coverage to include new commodities. The successful product launch of Endur™ 5.0 was a key contributor to the company's revenue growth and revenue backlog, which increased by 46%.
"Our software's unsurpassed functionality, flexibility and configurability are attracting the leaders in trading and risk management from both verticals," said OpenLink Founder and CEO Coleman Fung. "To ensure that we continue delivering cutting-edge solutions that support complex business requirements, we reinvested about 70% of our 2000 revenues in product development and support. From New York to London to Houston, our staff has the expertise and experience to maintain our winning track record and aggressive international expansion."
Founded in 1992, OpenLink has emerged as a leading developer of financial and energy trading and risk management software solutions with broad market functionality. The company's global client base includes Bank for International Settlements, Coral Energy, Credit Lyonnais Rouse, Deutsche Bank, Dynegy Inc., Equiva Services LLC, Gaz de France, JP Morgan, Manulife Investment, Mobil Oil Gas Trading, Nabisco, Nexen, PanCanadian Petroleum, RWE Energie, and Texaco. Headquartered in New York, OpenLink employs more than 130 professionals worldwide and has offices in New York, London and Houston.