Key Highlights
Revenues of £2.2m for quarter one 2001 up 98% on Q4 2000;
Significant new customers acquired in quarter 1 including Telstra, Teleglobe and Torch Telecom.
Management team strengthened in quarter two with the recent appointments of Curtis
Begley as President of North American Operations and Andy Charalambous as Senior
Vice President of Global Sales.
Continue to strengthen relationships with key telecom equipment vendors Juniper and Avici who both recently selected Orchstream’s service activation software as a component of their IP-VPN offering.
Acquisition of CrossKeys Systems Corporation successfully completed on 11 April, 2001.Product integration is under way and will be demonstrated at Supercomm in Atlanta during June.
Successfully completed listing on NASDAQ with trading commencing on 12 April, 2001.
Ashley Ward, Chief Executive Officer of Orchestream commented:
We have made good progress across the business since the start of the year. Customer interest has increased over recent months as service providers look for new ways to unlock the revenue potential of their networks.This is reflected in the new customer wins but more so in the promising outlook.
We have now completed the acquisition of CrossKeys, which has greatly strengthened our North American operations and significantly enhances our position as a global player in the network management software market.The integration of the two businesses is well advanced and we are starting to see the benefits of the acquisition on both the sales and product development fronts. I am particularly pleased with the quality and enthusiasm of the people who have joined us from CrossKeys.
We are making great strides in the pursuit of our strategy and the recent appointments of Curtis Begley as President of North American Operations and Andy Charalambous as Head of Global Sales have further strengthened the team that will deliver this strategy.I remain confident that we will continue to make good progress in delivering the full potential that Orchestream undoubtedly offers.
