Jolly Fiscal Year 2010 Revenue up 26%
Jolly disappointed with 26% annual growth
SAN CARLOS, Calif. – Mar 18, 2010 – Today Jolly Technologies, the world's #1 identity software company, announced record sales and profit for the fiscal year ending February 28, 2010. Revenue for the year was up 26% over FY 09. Revenue for the fourth quarter ending February 28, 2010 was up 25% over the same quarter a year prior.
"We fell short of our expectations this year," said Sandeep Jolly, President of Jolly Technologies. "While the turbulent global economic environment is a constant challenge and has been a significant deterring factor in our overall success, we have also identified certain shortcomings on our end. In FY2011 we have made plans to overcome those shortcomings and aim for triple digit growth.
"First, hiring was a major challenge for Jolly in FY2010. The poor job market in Silicon Valley has made it difficult to find local talent. To solve this problem, Jolly has several strategies in place. We have expanded our search nationwide, engaged specialized recruitment agencies, and targeted reputed universities and research institutes. We've also employed specialists under contract to contribute to key aspects of the business.
"Second, in this challenging economic climate, having separate plans for different geographic regions in Europe, Middle East, Asia and Africa resulted in poor ROI. For sales and marketing purposes, we have combined all of these regions into one with operations based out of the Jolly UK facility. While slow global economic recovery will continue to pose a challenge, we anticipate strong worldwide growth in FY2011 through intelligent planning.
"The third and most important step we will take in FY2011 is to significantly improve Jolly's brand recognition through a series of new marketing programs and initiatives. Our R&D budget has been significantly increased, and we are already in the process of expanding our engineering team.
"In the coming days, we will be announcing several exciting new innovations that will provide novel solutions for large organizations with diverse, distributed data systems. Initial feedback from beta program participants has been extremely positive, and we look forward to continuing our role as a leading innovator in the secure identification industry."
About Jolly Technologies
Jolly Technologies, founded in 2000, develops and distributes a suite of secure identification software products, including ID Flow, the world's #1 identification software, Lobbytrack visitor/entry tracking software, Asset Track asset management software, Label Flow barcode label software, and a variety of other custom security products. As the recognized leader in the rapidly growing secure identification market, Jolly Technologies is partnered with the industry's largest hardware manufacturers to offer complete solutions through our channel partners. Based in San Carlos, California, Jolly Technologies is one of the world's fastest growing software companies. For more information, visit www.jollytech.com or call toll-free 1-888-25-JOLLY.
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