MORE Reports Record FY 2009 Customer and Revenue Growth

Modern SaaS for IT service management resonates with enterprise IT organizations

SAN DIEGO – July 21, 2009 ‑ Service‑, the pioneer of modern SaaS for IT service automation, today announced record FY 2009 customer and revenue growth. Service‑ closed its fiscal year on June 30, 2009 with more than $28 million in recurring revenue and with more than 280 of the largest businesses in the world as customers. Service‑ is unique in providing enterprise IT organizations with a SaaS application for IT service management.

Fred Luddy, Service‑ CEO, said, "Service‑ has built significant momentum and market share during the last twelve months but we are just getting started. We succeed because our customers are some of the world's brightest and most fanatical IT organizations and are an extension of our development efforts. For these reasons, and on the back of our incredible employees, we anticipate Service‑ will exceed $50 million in recurring revenue at this time next year and be profitable."

Service‑ FY 2009 company highlights include:

  • As of June 30, 2009, Service‑ surpassed $28 million in recurring revenue.
  • Recurring revenue grew 105 percent over FY 2008.
  • $90 million in contracts signed since July 2005
  • Cash flow positive for more than two years
  • One hundred and eleven Service‑ employees today, compared to 75 at the end of FY 2008
  • Gartner IT Service Desk Magic Quadrant visionary
  • Service Desk Institute 2009 Technology Supplier of the Year
  • Pink Elephant PinkVerify certified for eleven ITIL processes

Service‑ FY 2009 customer highlights include:

  • One hundred and fifteen new customers selected Service‑ in FY 2009, including: Alliance Bernstein, ASML, Brit Insurance, Carlson Companies, Energias de Portugal, Facebook, Flextronics, Gannett, HBOS, Hyatt, ING Americas, JT International, Kansas State University, Kohler, Liz Claiborne, Man Investments, MySpace, NXP Semiconductor, Ohio State University Medical Center, Phillip Morris International, Pioneer Natural Resources, PPL Corporation, Publicis Groupe, REI, Staples, SunGard, Swiss Re, Sybase, Synovus, University of Western Australia, VeriSign, Williams Sonoma
  • Now more than 280 customers and 54,000 IT professionals use Service‑ to help provide better IT service to more than 3.7 million end users in 30 countries around the world.

"A year ago the DJIA was priced at 11,000, unemployment was 5 percent and the economy was rosy. As quickly as economic conditions worsened, the IT service management market grew apathetic toward legacy vendor tools and business models, and the Service‑ value proposition gained significant traction. By helping businesses deliver the best IT service at a significantly reduced cost, we have thrived in this economy and produced a most remarkable year in which we met or exceeded all of our goals and expectations," said Luddy.

About Service‑

Service‑ enterprise IT service automation software combines ITIL v3 process support, software‑as‑a‑service (SaaS) delivery, and Web 2.0 functionality to provide a flexible, intuitive and self‑managing application. Service‑ was founded by Fred Luddy, former CTO of Peregrine Systems and Remedy. The company is based in Solana Beach, Calif. and has more than 280 enterprise customers worldwide. For more information, please visit http://www.service‑