| MontaVista boasts 2002's revenue was 200% of 2001's |
Feb. 04, 2003
[Updated Feb. 5, 2003] -- MontaVista Software issued a statement today outlining its accomplishments for 2002. Among other successes, the company said it ended its 2002 fiscal year with (unspecified) revenues doubling those of 2001, despite the general economic downturn.
According to MontaVista, Q4 '02 was a record quarter and 2002 was a record year, overall, during which it captured more than 450 customer design wins with nearly half among Fortune 100 and Global 500 corporations. Key among the year's design wins were: Agilent Technologies UK Ltd., Alcatel, Lucent Technologies, NEC, Nokia, Matsushita (Panasonic), Philips, Sony, and Toshiba Electronics Europe GmbH.
"Our revenue base is grounded in product sales, with product subscriptions accounting for more than 75 percent of our revenues last year," said MontaVista CFO Dave Warner. "We are experiencing strong growth and our investors are thrilled with the companyıs financial progress and future prospects. In addition, most of our third round funding money is still in the bank."
MontaVista also said it secured more than $28 million in investments in 2002, in a third round of funding from venture capital firms such as US Venture Partners, Alloy Ventures, RRE Ventures, and WR Hambrecht & Co., and leading technology companies including IBM, Intel, Panasonic (Matsushita), Sony, Toshiba America, and Yamaha Corporation.
Other prominent accomplishments noted were new products such as MontaVista Linux Carrier Grade Edition, and industry recognition such as being chosen by Electronic Business magazine as one of its "Thirty Best Small Electronics Companies for 2002."
The statement did not indicate whether MontaVista has reached profitability, or when it expects to do so. Nor was any indication given regarding the size of 2002 revenue. According to an article at LinuxWorld.com, MontaVista spokesperson Joe Samagond said the company's 2002 sales "doubled from a two-digit million U.S. dollar figure to another two-digit million dollar figure."
(Click here for further information)
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