NEW YORK, June 15 /PRNewswire-FirstCall/ -- Zanett, Inc. (Nasdaq: ZANE) announced today that it is very pleased with rate of contracts closed in the period Q2-to-Date 2010. Between the period of April 1, 2010 and the present, over $12.6 million dollars in new business has been closed. This amount of revenue is comprised of 37 different customers, with the largest customer being responsible for a $7.5 million mandate. Year-to-Date, over $29.7 million of new business has been signed. The bulk of this revenue is expected to be realized within the next 12 months.
HEALTHCARE FOCUS ON TARGET – U.S. CAPITAL SPENDING UP
Dennis Harkins, President and CFO of Zanett, said, "Healthcare was by far the biggest segment of contracts signed for the past six months. Throughout the US, corporations are currently hesitant about hiring individuals due to unknown and unfunded mandates from Washington DC, so they are spending their money on increased capital expenditures. Oracle ERP and other IT spending are a natural beneficiary of a reduction in labor force."
$140 MILLION SALES PIPELINE (GROSS)
Mr. Harkins continued, "Zanett has 20 great people in our national salesforce, and working in conjunction with the Oracle reps, we are winning deals away from the competition… left, right, and center. I am very pleased with the activity of the past five months and continue to be impressed with the quality of the deals in our Pipeline. The Revenue/Sales Pipeline is currently over $140 million in size (gross), and this Pipeline will fuel future growth throughout 2011 and into 2012."
About Zanett, Inc.
Zanett provides business and technology consulting services that enable organizations to enhance effectiveness, respond quickly to changing business dynamics, and deliver timely management information. Serving Fortune 500 corporations and mid-market organizations in Healthcare, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government, Zanett helps align organizations' business objectives with technology-enabled services to create Real Enterprise Value™. Zanett offers solutions ranging from business consulting, infrastructure technology services, managed services and business application consulting. As an Oracle Platinum Partner and Microsoft Gold Partner, Zanett implements and integrates such technologies as E-Business Suite, J.D. Edwards, PeopleSoft, Edge Applications, Service Oriented Architecture, Fusion Middleware, SharePoint and InfoPath. Zanett employs over 225 professionals in North America and Asia with offices in Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach, and Manila. For more information, please visit http://www.zanett.com/ or http://healthcare.zanett.com .
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The aforementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filings with the Securities and Exchange Commission.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with Oracle Corporation, and no implication is made whatsoever to suggest as such.
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SOURCE Zanett, Inc.