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Zanett, Inc. (ZANE) Announces Record Contracts in Q2; $206 Million Among 50 Customers

Zanett, Inc. announced the closing of a record quarter with respect to the rate of contracts closed in a quarterly period. Between April 1, 2010 and June 30, 2010, more than $20 million in new business closed. According to the press release, year-to-date over $37.7 million of new business has been signed. The majority of this revenue is expected to be realized within the next 12 months.

Dennis Harkins, President and CFO of Zanett, stated, “In its 10 years of existence, Zanett has never been better… Q2 is another record quarter for Zanett, and I am very excited about our prospects. The investment and effort we undertook in 2009 are finally beginning to paying off handsomely in 2010, and will continue well beyond. This is our 3rd consecutive record quarter, and the future of Zanett has never looked better. We like to balance revenue growth with investment spending, and we will continue to do so, to fuel the future.”

Mr. Harkins continued, “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.”

“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,” Mr. Harkins added. “Our delivery team is doing a fantastic job because it is made up of only the top people in our industry. I am very pleased with the activity of the past six months and continue to be impressed with the quality of the deals in our Pipeline. The Revenue/Sales Pipeline is currently over $150 million in size (gross), and this Pipeline will fuel future growth throughout 2011 and into 2012.”

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