Twin Cities, Minnesota—September 27, 2011—Sagitec Solutions, LLC, a global provider of pension administration software systems, announced today a compound annual growth rate (CAGR) of 45% since 2004. In the first half of 2011, the company secured over $50 million in new contracts, strengthened their backlog to over $95 million, and expects increased revenue by 48%. With over 30 percent of assets in cash and cash equivalents, high retained earnings, and high quality receivables, Sagitec has started out the year with a bang—and is poised to capture additional market share.
“This year has been terrific for us so far, no doubt about that,” says Sagitec Senior Partner Rick Deshler. “We’re obviously delighted about the way the market is responding to our framework-based Neospin™ pension administration solution and our approach to delivering tailor-made systems for our clients.”
Looking ahead, Mr. Deshler believes Sagitec can continue to increase revenue and backlog through 2011.
“Our conservative expectation is to maintain a 45% CAGR while simultaneously increasing our reference-ability,” he says. “We will continue to innovate on all fronts throughout the remainder of the year.”
Sagitec’s strategic growth initiative has had a positive impact in more places than its financial statements. Despite the challenging economy, in the last 18 months Sagitec added over 50 full-time positions in the United States, increasing its total staff to nearly 200, with additional hiring expected in the coming months. Last year, Sagitec implemented a plan to create a service ‘hub’ by moving its headquarters to Little Canada, Minnesota (a suburb of the Twin Cities metropolitan area). This consolidation of operations will continue through 2011, enhancing resources for client support and shared services while sustaining the sales and marketing, human resources, and organizational transition & readiness services already based in Minnesota.
Considering the company’s dramatic growth, Mr. Deshler remains confident as ever in the company’s ability to deliver projects successfully.
“We’ve seen companies in this industry outsell their ability to deliver and end up with strained projects or worse. From the very beginning we’ve been careful to mitigate that risk,” insists Mr. Deshler. “It might sound counterintuitive, but we believe Sagitec’s ability to achieve sustainable growth is a result of our conservative business practices. We bid on jobs that are a good fit for us, negotiate fair contracts, invest in our framework solution, and obsess over the quality of our delivery teams. That’s been our approach from day one.”
Added Deshler: “I am enormously proud of what Sagitec has achieved thus far and I have high expectations for what we’ll do in the future.”About Sagitec Solutions, LLC
Sagitec Solutions, LLC is headquartered in the Twin Cities (MN). They have additional domestic offices in Denver, Co and Topeka, KS, and international offices in Pune and Chennai, India. Sagitec has been implementing IT solutions successfully across the United States since 2004. Further information can be found at http://www.sagitec.com or by contacting Rick Deshler at (651) 335-3406 or at firstname.lastname@example.org.Forward Looking Statements
Please note that this press release contains forward-looking statements including without limitation those about the Company’s estimated revenue. These statements involve risks and uncertainties, and actual results cannot be guaranteed. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.