Corrigo Reports Strong Revenue Growth from On-Demand Building Services Management Solution
WILSONVILLE, Ore., Jan. 24, 2006 (PRIMEZONE) -- Corrigo Inc., the leading provider of on-demand building service management solutions, announced today that the company's recurring revenue in 2005 increased 67 percent from the previous fiscal year, ending 2004.
The company supported the delivery of over 5,600,000 service work orders in 2005, or over 2,500 per working hour, up 74 percent from the same period last year. A mid-year infusion of capital enabled the company to double its staff in 2005 to 107 and end the year positioned for accelerated growth in 2006.
Corrigo attributed its strong growth to four factors:
- Accelerating adoption of the on-demand software model in the facilities management, property management, homebuilding an field services markets.
- Increased sales of its CorrigoConnect solution sold through print/Nextel.
- The sale and deployment of top tier building services enterprises.
- Strong account expansion and renewal rates resulting from high client satisfaction.
Corrigo's on-demand technology demonstrated its superior client convenience and value compared to traditional software technology. Deployment of Corrigo's Web-based and wireless service management solutions in 2005 ranged from an average of four days for small- to medium-sized clients to an average of two-three months for enterprise clients with data migration and integration requirements. On average, Corrigo clients spent less than a third of their annual subscription fees on deployment due to the ease-of-use and ease-of-deployment. In addition, Corrigo's customers experienced exceptional reliability with service availability of over 99.95 percent in 2005.
By the end of 2005, nearly 400 organizations across North America, from small businesses to Fortune 50 enterprises, were using Corrigo to gain visibility into their service maintenance, installation and repair operations, delivered by field service personnel or vendors.
"Understanding our clients' needs and responding to those needs has enabled us to offer solutions that are flexible and robust," noted Rick Michaux, president of Corrigo, Inc. "Our business model gives us continued growth while delivering value to a variety of vertical industries that are focused on implementing best practices in client service."
Also in 2005, Corrigo raised $10 million financing in equity led by Sierra Ventures, with participation from existing investors, Asset Management Company, Amicus, and Sycamore Ventures. "Corrigo has won top clients in its targeted industries over the past few years, and has done an excellent job of scaling the business," commented Ben Dubin, Corrigo board member and partner, Asset Management Company.
About Corrigo
Corrigo, Inc. provides on-demand service management solutions for all types of maintenance, installation and repair organizations. Corrigo's Web-based applications deliver control and insight to service management clients nationwide. These service management tools enhance the delivery of maintenance services, work order and dispatch management, and asset management by delivering an integrated solution that enables a seamless, real-time flow of communication between customers, service personnel, management staff, vendors, suppliers and senior management. Corrigo is headquartered in Wilsonville, Oregon, with offices in San Mateo, California. For more information visit http://www.corrigo.com.
