OutStart, provider of the only proven, content-centric, integrated software product family for learning, today announced that it earned record revenue during the third quarter of 2003. Highlights for the quarter included:
Total revenue increased by 147% when compared to total revenue in the third quarter of 2002, OutStart’s eighth consecutive quarter of sequential growth.
OutStart debuted as a “Visionary” in the 2nd-Half 2003 LMS Magic Quadrant Research Note, an update of the Gartner Magic Quadrant report covering learning management systems. This is a result of the introduction of Evolution Learner Manager (ELM), an integrated component of Evolution.
Evolution® continued to be the learning application of choice for large organizations that need to make learning accessible and available through multiple channels. New Evolution customers include U.S. Customs and Border Protection, AT&T Wireless, the Internal Revenue Service, and Vignette, among others.
In addition to the success of Evolution, OutStart saw license revenue grow for all other members of its integrated product family, including Studio™, Trainersoft™, and SoftSim™.
“I am very pleased with our progress in the third quarter. We signed up an impressive number of new customers, grew repeat business, and consistently won in competitive situations as organizations selected our product family to meet all of their diverse learning and training needs,” said Massood Zarrabian, president and CEO of OutStart.
“Net cash outflow from operations in Q3 was less than $300,000, and is expected to turn positive in Q4,” said Dan Kossmann, chief financial officer. “The company also raised an additional $5 million in equity capital in July to help fund acquisitions.”
About OutStart
OutStart provides learning and knowledge-sharing software applications to mid-market, government, and Global 2000 organizations. OutStart customers build competitive advantage by making customers, employees, and partners more knowledgeable and better trained through superior content development, management, and delivery. The company’s approach is learner-focused and content-centric.
OutStart’s award-winning, product family enables people to know exactly what they need to be better at their jobs and to learn when, where, and how they want. Customers like AT&T Wireless, Kaiser Permanente, Steelcase, the US Navy, and Westland Helicopters rely on OutStart to increase individual and organizational performance, improve knowledge transfer, and lower operating costs. Headquartered in Boston, MA, OutStart has offices throughout the US and Europe and can be found on the Web at www.outstart.com
