Initiate Systems Posts Sixth Consecutive Profitable Quarter

CHICAGO--(BUSINESS WIRE)--Initiate Systems, Inc., a leader in data management solutions for information sharing and improved data quality, announced today that the third quarter of 2009 was the organization’s sixth consecutive profitable quarter. Year to date, Initiate has achieved 78 percent growth in profitability, has no debt and has robust cash reserves. In another sign of financial strength, the multidomain master data management (MDM) solutions company announced that 65 percent of its target for combined software, services and maintenance revenue over the next four quarters already is under contract.

Initiate also signed 10 new customers during the third quarter, surpassing the 200-customer milestone. Among the businesses joining Initiate’s diverse customer base of multinational corporations, healthcare organizations and government agencies this year were one of the nation’s largest “personal lines” insurance companies, one of the nation’s largest health benefits organizations and one of Chicago’s largest healthcare systems. Other recent customers include an agency within the U.S. Department of Defense and two Canadian telecommunications companies.

In addition to growth in its profitability and customer base, Initiate expanded its offerings last month by acquiring Accenx Technologies, Inc., a leading provider of health information exchange solutions and launching Initiate Master Data Service^® v9.0, the latest upgrade to the company’s MDM solution.

“Initiate’s long string of profitability, growing customer base and expanding offerings gives us occasion to thank the hundreds of organizations that trust us to help them achieve their most important missions, such as improving the quality of patient care, supporting our nation’s homeland security and delivering exceptional customer service,” said Bill Conroy CEO and president of Initiate Systems. “And of course, we also owe thanks to our innovative, hard-working technology professionals in all sectors and all geographies around the world.”

To date, 2009 has been another year of accolades and recognition for Initiate. In a report released in June by Gartner, Inc. (NYSE: IT), Initiate was placed in the “Leaders” quadrant in the Magic Quadrant for Master Data Management (MDM) of Customer Data, 2009. The Information Difference, another analyst firm focusing on master data management, ranked Initiate among the highest in two categories in the firm’s “MDM landscape” report, scoring high points in technology and market strength. In addition, UK-based Bloor Research – one of Europe’s leading IT research, analysis and consultancy organizations – named Initiate a master data management “champion” in its MDM Market Report Update.

To date, Initiate’s award-winning performance in 2009 includes these honors:

• London’s Brent Council received recognition for the “Best Use of Data in Public Sector” at the Data Strategy Awards for its work with Initiate solutions.
• Initiate received the 2009 Vision Award for Business Impact from the BeyeNETWORK, a prominent publisher in the business intelligence community, for its work with Ochsner Health Systems, Louisiana’s largest private health system.
• Two Initiate executives – Scott Schumacher, senior vice president and chief scientist, and Scott Ellard, chief solutions architect – were named TechAmerica Innovators in the Software category.
• For its use of Initiate Master Data Service, National Instruments won a 2009 Best Practices Award in the Master Data Management category in a competition held by The Data Warehousing Institute (TDWI).
• Crain’s Chicago Business “Fast 50” named Initiate to its 2009 list of the region’s fastest-growing companies. A 5-year growth rate of 470 percent ranked Initiate 24^th on the annual list published by Chicago’s leading business journal.
• Bill Conroy, chief executive officer and president of Initiate Systems, was honored with the CEO of the Year Award by the Illinois Technology Association (ITA).
• Intelligent Enterprise magazine honored Initiate with a 2009 “Editors’ Choice” Award for demonstrating exceptional vision, technology innovation and customer leadership in attaining strategic objectives.

About Initiate Systems

Initiate Systems enables organizations to confidently share critical data assets. Multinational corporations, healthcare organizations and government agencies rely on Initiate^® software and services to deliver complete, accurate and real-time views of data spread across multiple systems, domains or databases. Initiate’s multi-domain master data management (MDM) solutions facilitate interoperability, information sharing, entity resolution and data quality to increase revenues, reduce costs and mitigate risks. Initiate operates globally through its subsidiaries, with corporate headquarters in Chicago and offices across the U.S., and in Toronto, London and Sydney. For more information, visit www.Initiate.com.