ViryaNet moves to profitability, continues delivering Industry leading solutions and captures key wins through strategic partnerships
Southborough, MA - January 26, 2010 - ViryaNet Limited (VRYAF.PK) is a leading provider of software solutions that optimize business processes for field service management.
Over a 20 year period, ViryaNet has met the needs of more than 35,000 end users in the Utility, Telecom, Insurance and Retail markets. License revenue for field service management products is forecast to be $325 million in 2010 while the total available market is only 18% penetrated, according to Gartner Research. The total available market for both licenses and service is estimated at about $18 billion.
2009 was a year of great progress for ViryaNet with many accomplishments:
Increasing Financial Strength
ViryaNet has been profitable through the first 3 quarters of 2009 and expects to be profitable in 2009 (Q4 results have not yet been announced) with dramatic improvements in gross margins.
Delivering Industry Leading Technology
ViryaNet has made significant and focused R&D investments in its Field Service Management platform resulting in an integrated product platform, ViryaNet G4, which delivers key capabilities for achieving operational excellence: Dynamic priority-based optimization, real time visibility and exception management and an open, highly extensible architecture.
Implementing Successful Industry Partnerships
ViryaNet has invested in developing many strategic partnerships that target key markets: Utility, Telecom, Insurance and Retail. In particular, ViryaNet's partnership with GE has resulted in a best of breed partnership, marrying industry leading technology with an unmatched world wide presence in the significant Utility and Telecommunications markets. In 2009, key wins include large deployments for Utility and Telecommunications companies in the United States, Holland, Spain and Austria.
"ViryaNet has made significant strides in building a strong company and industry leader through the dedicated and focused efforts of its employees, said Memy Ish Shalom, CEO of ViryaNet. Our goal is continued profitable growth based upon our superior technology, strategic partnerships and our culture for continuously meeting the needs of our customers."
About ViryaNet
ViryaNet provides packaged industry solutions that intelligently guide, automate, and optimize both simple and complex field service work, resulting in operational excellence. ViryaNet's solutions specialize in the functions of scheduling and dispatching resources and enabling mobile field communication. Embedding industry best practices and utilizing a powerful workflow engine, web architecture, and visibility suite, the ViryaNet solutions allow companies to outperform their competition,
better the customer experience, improve financial performance, and address regulatory compliance. ViryaNet possesses a 22-year history in the field service space, a vast number of customers across a variety of industries, and strong partnerships with leading platform and system integration companies. Headquartered in Southborough, MA, ViryaNet enjoys a worldwide presence with offices and customers located in North America, Europe, and the Pacific Rim. For more information, visit
www.viryanet.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its products, its relationships with its customers, its customer purchases, its future
operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, its future cash position, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet Ltd. as of the date hereof, and ViryaNet Ltd. assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could
cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for the Company's products, risks associated with a slow-down in the economy, risks associated with the financial condition of the company's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in costs and operating expenses, risks in technology development and
commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's Form 20-F, dated October 30, 2009 and the other reports filed from time to time with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet
disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Press Contact:
Yoni Mozeson
ViryaNet, Ltd
508-490-8600, ext 3025
Yoni.mozeson@viryanet.com