Bellevue, Wash. -- Onyx® Software Corporation (NASDAQ: ONXS), a leading provider of customer premise and hosted, Web-based customer relationship management (CRM) software, has been named the 10th fastest growing high technology company in the country in Deloitte & Touche's Fast 500 Program.
Onyx Software achieved this ranking after being measured against US-based technology companies from a variety of industries including software, Internet, communications, and biotechnology. Rankings for the awards were based on revenue growth over a five-year period. Since 1994, Onyx Software's revenues have increased 21,051 percent, from $166,000 in 1994 to $35.1 million in 1998.
Customer Relationship Management Companies Top List
Onyx Software and California-based Siebel Systems (NASDAQ: SEBL) were the only two CRM software vendors that made the top10 list. The companies' combined five-year growth rate is 804,029%, which is more than eight times the growth rate of all other software companies listed in the top 10, combined. Other CRM vendors on the top 500 list included Clarify (NASDAQ: CLFY) at #254 and Vantive (NASDAQ: VNTV) at #202.
"No vendor has even a 1% share of the potential customer relationship management market, and so there is plenty of room for continued growth. Many companies have been slow to realize that they must adopt a CRM system or risk being outsmarted by competitors," said Onyx Software President & CEO Brent Frei. "We believe the market will be big enough for three $1 billion CRM companies, and Onyx is committed to becoming one of them."
A Bright Future
In Onyx's view, the CRM market has seen three distinct waves. The first wave was departmental solutions, such as sales force automation (SFA), where early adopters suffered from inadequate technology and limited feature sets.
The second wave brought better technology and functionality, but costs and complexity limited adoption mainly to large companies with big budgets. In general, IT systems fell short of the promise of true enterprise-wide CRM because companies still tended to deploy departmentally.
The third wave is being driven by demand for: 1. Web-based CRM, enabling the convergence of e-Business with traditional business processes. 2. Enterprise-wide functionality: i.e. sales, marketing, services, and call centers in one IT system. 3. A choice of hosted versus internal IT: i.e. the ability to rent or buy applications based on a company's needs and constraints.
"We believe Onyx already leads in all three areas of the third wave," said Frei. "In the first and second wave only a tiny percentage of the companies who could benefit from CRM actually took the plunge. Now, hundreds of thousands of companies worldwide are lined up to embrace the third wave of CRM, and we think we understand their needs better than anyone. In fact, when we go up against vendors who led in the second wave, we beat them better than two-thirds of the time -31 out of 41 recent deals."
Earlier this year, Onyx Software was named the fastest-growing technology company in Washington state in Deloitte & Touche's Fast 50 program. The Fast 500 list can be found in the Nov29, 1999 issue of Forbes ASAP. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit the web site at http://www.us.deloitte.com/fast500/default.htm
About Onyx Software
Onyx Software Corporation (NASDAQ: ONXS) is a leading provider of customer premise and hosted Web-based Customer Relationship Management (CRM) systems. The company's innovative e-business software combines comprehensive CRM functionality, third party applications and Internet content into personalized digital workplaces for marketing, sales and service employees, business partners and customers. The company's systems are scalable, flexible, reliable and deploy quickly resulting in a rapid return on investment and industry leading customer satisfaction. Onyx Software operates worldwide, supporting large, medium and small companies such as American Express, Cognos, Credit Suisse, FirstWorld Communications, Giga Information Group, Interactive Intelligence, NTL Internet, Plumtree, Portland Trailblazers, Prudential, Sharp Electronics, Sierra Health Services, Singapore Cable Vision and US Bancorp Piper Jaffray. For more information call 1-888-275-6699 or email info@onyx.com.
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