Red Bend Software, the mobile software management (MSM) company, has announced it took eighth place in the Israel Deloitte 2008 Technology Fast 50 competition, which ranks the 50 fastest growing technology companies in Israel.
To determine the fastest growing companies, Deloitte reviewed fiscal year revenues over five years (2003-2007), calculated the revenue growth percentage over five years and compared the growth of technology companies.
Asher Mechlovich, partner in charge of the Deloitte Brightman Almagor Zohar Israel Technology Fast 50 Program, commented: “Because the Deloitte Brightman Almagor Zohar Fast 50 measures sustained revenue growth over five years, being one of the 50 fastest growing technology companies in Israel is an impressive achievement. Red Bend Software deserves a lot of credit for its remarkable growth.”
Yoram Salinger, CEO at Red Bend Software, added: “Deloitte has recognised Red Bend as a Top 10 winner in both 2006 and 2007. We are proud to be identified once more by Deloitte for our 3,030% of revenue growth, which stems from the successful global adoption of our mobile software management solutions.”
Red Bend has a total of 32 MSM customers across the globe, including device manufacturers, mobile network operators, platform providers and machine-to-machine manufacturers. More than 365 million mobile devices worldwide have Red Bend’s vCurrent Mobile for firmware over the air (FOTA) updating. UK research firm Ovum recently reported that Red Bend has achieved 57% market share, twice its closest competitor, of new FOTA-enabled mobile handset shipments.
Salinger attributed Red Bend’s significant revenue and market share growth to several factors: “Red Bend is changing the way manufacturers and platform providers bring new mobile phones to market, the way operators launch and deliver new mobile services and the way consumers personalize the features and applications on their mobile phones, which are sophisticated computing devices. Red Bend’s MSM solutions deliver software improvements, feature enhancements and new services over the air to ensure consumers have a more enriching mobile experience. And customer satisfaction is a top objective for operators and handheld manufacturers.”