ASHBURN, Virginia, December 8 /PRNewswire/ -- Brainware, Inc., an innovative provider of intelligent data capture and enterprise search solutions today announced that the company's software license revenue more than doubled in its third quarter, increasing by 130% year-over-year. This growth was experienced notwithstanding the company's conservative revenue recognition policy by which Brainware recognizes license revenue only after customer acceptance of an implementation and not upon the shipment of software. The company attributes this revenue growth to the strength of if its efforts in both North America and Europe.
Our revenue growth reflects widespread acceptance of Brainware solutions by some of the world's largest companies, said James Zubok, chief financial officer at Brainware. Our rapid deployment model, combined with Brainware's unique learning technology, enables our customers to realize the direct financial benefits of their Brainware systems in weeks, not months or years as with other solutions.
In addition to having the most advanced data extraction and document processing solution on the market, Brainware attributes its third quarter growth in part to its new rapid implementation methodology, which radically shortens the time-to-value for new Brainware Distiller(TM) implementations. This method eliminates the extensive setup times required to train and configure traditional keyword and template-based solutions.
In recent months, Brainware has signed numerous new clients and partners for its Brainware Distiller automated data capture solution, including Anixter International, Sun Chemical, and market leaders in the biotechnology, media, petroleum, energy, and business process outsourcing markets. Brainware also expanded its presence amongst Global 2000 organizations through strategic partnerships with companies such as Oracle, Hyland Software, and Perceptive Software.
Our customers are relying on Brainware not only to transform their back office operations but to improve their profitability and generate significant value to their shareholders, explained Carl Mergele, chief executive officer for Brainware. We are delighted that the success of our customers continues to support our growth.
Brainware, Inc. is an innovative provider of intelligent data capture and enterprise search solutions that help Global 2000 companies eliminate costly manual data entry, rapidly process large volumes of documents and retrieve data from across the enterprise. Its solutions were built from the ground up to manage unstructured data without templates, exact definitions, taxonomies or indexing. Headquartered in Ashburn, Virginia, Brainware maintains global sales and support operations through its North American, U.K. and European offices. Brainware customers include Airbus, Alcon, Alltel, Amgen, Anadarko, BBT, bioMerieux, British American Tobacco, Continental Airlines, CORT, Gardner Denver, Halliburton, Her Majesty's Prison Service, Johns Manville, JohnsonDiversey, Kimberly-Clark, KPMG, NHS/Steria, Newell Rubbermaid, Phillip Morris International, Reynolds Reynolds, Rockwell Automation, Shell, Southern Company, Sun Chemical, The Bank of New York Mellon/SourceNet, TriZetto, and many others. For more information, please visit www.brainware.com.
SOURCE: Brainware, Inc.
CONTACT: Vivek Ramgopal, Director, Marketing Programs of Brainware, Inc.,+1-703-948-5831, Vivek.Ramgopal@Brainware.com