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100% Growth In Revenues Having doubled its revenues for 200, Tenrox growth continues at an exponential rate. The company has maintained profitability since its inception in 1995. Tenrox, the leader in professional services automation (PSA) and change management solutions announced a 100% increase in total revenues and a 40% increase in net income for 2000 as compared to the prior fiscal year. The company has grown despite weak economic conditions and significant downturns in the Information Technology sector. Revenues and net income increased considerably for this period, compared to the same period last year. This was achieved by reaching out to a larger client base, releasing new products, establishing enterprise wide deployments and the developing strategic partnerships worldwide with organizations such as ADP, Bell Mobility and Systems Union. This trend is continuing and the company believes it will once again reach double-digit revenue growth and, more significantly, a substantial increase in net income. Founded just 5 years ago, Tenrox has enjoyed enormous success with its Tenrox PSA family of products, which include the award winning Tenrox Time & Expense, Tenrox Expense Reporting, Tenrox Incident Management, Office Invoice, Tenrox SDK, Office Skill and much more. Although a privately held company with no external source of financing it has continued to grow at 40% each year and doubled revenues in 1999 and 2000 while at all times remaining profitable. "We continue to focus on our core competencies: providing fully integrated, completely Web and Email-based professional services automation (PSA) and change management solutions for organizations worldwide" stated Ludwig Melik, Vice President of Sales and Marketing for Tenrox. "International Data Corporation IDC predicts that the workforce management application market will grow from 766 million in 1998 to approximately 4 Billion in 2004, the growth will be driven by applications such as Tenrox PSA that combine change and workforce management, procurement, travel and expense, time and attendance functionality" About Tenrox Tenrox empowers client companies to meet the challenges of globalization, enterprise fragmentation and increased regulatory scrutiny. Available on-demand or on-premise, Tenrox project workforce management solutions have served more than 800 organizations in 50 countries, maximizing efficiency, data security and reliability. Since 1995, Tenrox has served organizations such as Rio Tinto Alcan, E*TRADE Securities , First National Bank, Visa, Hydro Quebec, Invensys Systems Canada, Major Drilling, Pioneer Natural Resources, US Army, The Pentagon, Talisman Energy, University of Michigan, Northrop Grumman, Oxfam, Thermo Fisher Scientific, Estee Lauder and Wyeth. Tenrox software is available through direct sales channels and a network of worldwide partners. For more information about the company or its award-winning family of products, go to www.tenrox.com. Media Contact:
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