Insight Direct Announces 2009 Financial Results, Reports Soaring Revenue Growth for Web Product

BOSTON, Feb. 10 /PRNewswire/ -- Insight Direct, the leading provider of software for small and mid-size field service companies (SMBs), today announced that revenue for its VaZing™ software as a service (SaaS) product grew an average of 40% month-over-month for the year ended December 31, 2009.  A total of 837 new customers selected VaZing or the company's traditional licensed product ServiceCEO™ during 2009 to better manage their field service businesses.

"Insight Direct's outstanding performance in 2009 demonstrates our continued leadership," said CEO Jim Triandiflou. "Key to this success was our ability to sign 195 new customers for our web-based VaZing product during its first six months on the market, a deeply loyal base of SeviceCEO customers and the increasing acceptance of software by field service companies to run their businesses more effectively and profitably."

2009 Milestones

Business and financial:

• An average of 40% month-over-month revenue growth for the VaZing software as a service (SaaS) product.
• Deepened our leadership bench with key strategic appointments including a new Chief Executive Officer, Jim Triandiflou and a new Chief Financial Officer, David O'Connor.

Go-To-Market:

• Signed 837 new customers in 23 countries, including a growing number of multiple location franchise companies. Major brands added in 2009 include: House Doctors, Screenmobile, NerdsToGo, Wheelabrator, Siemens, Permakil Pest Control, Shoreline Pool Services, D&D Plumbing, Wallace International and Alaska Breeze.
• Increased penetration into the small and mid-size (SMB) field service markets with key wins including:
  • 300 new customers in break/fix firms,
  • 300 new customers in install and maintain firms,
  • 220 new customers in general cleaning firms, and
  • 6 new customers in franchise businesses encompassing over 250 total franchisee locations.
• 14 percent of the company's 2009 revenue came from 23 countries outside of the United States.
• Added two strategic partners:  AppStation for mobile solutions and Avalara for sales tax automation.

Products and Technology:

• Introduced version 4 of our software as a service (SaaS) product VaZing, incorporating new franchise management capabilities and robust and easy to use reporting and analysis functionality that will help field service companies analyze their business and maximize productivity.
• Announced the early-2010 general availability of a major enhancement release of our ServiceCEO licensed product.

"In addition to accelerating growth in our customer base and monthly recurring revenue from our SaaS product, we're seeing increasing acceptance of new set-up fees and annual-in-advance prepayments for our VaZing product that will further strengthen our financial position," said Insight Direct CFO, David O'Connor. "In addition, our staff of over 40 people, including a quarter of them dedicated to customer support, ensures that we can continue to grow and make our customers successful with our products."

About Insight Direct

Insight Direct is the leading provider of software for small and mid-size field service companies (SMBs). Our software as a service (SaaS) VaZing product and our ServiceCEO licensed product helps these firms manage every aspect of their businesses – including scheduling, dispatching, accounting and inventory management – enabling them to sell more jobs, work more efficiently, get paid faster and analyze their business performance. Founded in 1997, Insight Direct has over 5,000 customers in 28 countries. For more information, please visit www.insightdirect.com or www.vazing.com.

SOURCE Insight Direct