Vocollect, the global leader in voice-directed work, today announced that 2004 revenues exceeded $80 million, an 80 per cent increase over its 2003 revenues of $45 million. Over the past four years, Vocollect's Compounded Annual Growth Rate (CAGR) has exceeded 75 per cent.
"Vocollect continued to gain momentum in 2004 as we expanded our offering and moved into new markets such as retail, apparel, automotive after-market and third-party logistics (3PL). To support this growth, we added more than 100 people to our staff," said Jack LeVan, Vocollect president and CEO. "Vocollect's growth has also enhanced an already strong balance sheet, so we are well positioned to meet growing worldwide demand for our voice-directed work."
"Vocollect continued to accelerate the value-add provided by our world class global reseller network by delivering new voice-directed distribution applications that are tightly integrated with our leading warehouse management system (WMS) partners, material handling systems integration firms and selected voice specialist value-added reseller companies," said Tim Eusterman, Vocollect vice president of marketing and business development. "Voice-directed work is becoming broadly accepted as a significant operational advantage that offers rapid ROI across a number of market segments."
Vocollect sales grew even more rapidly outside of North America. In Europe, 2004 revenues exceeded 2003 by more than 250 per cent due to increased penetration into several new countries in EMEA and expanded presence in many vertical distribution markets beyond grocery, convenience store and food wholesale - including office supplies, automotive parts, electronics, drug store and pharmaceuticals, clothing, sportswear and bakeries. The company also opened a new sales office to support Latin America. An additional US sales office was opened near Chicago's O'Hare airport to better service Vocollect's growing domestic customer base.
Continuing its commitment to extend the value and power of the company's portfolio of voice-directed work offerings, Vocollect formed a New Ventures Group in 2004. Led by Vocollect chief technology officer Roger G. Byford and vice president, strategic initiatives Jim Logan, the Vocollect New Ventures Group will cultivate new markets and applications where Vocollect's voice technologies can provide the same superior ROI as they do in the warehouse.
Vocollect's success was recognised with several prestigious awards in 2004:
- Inc. magazine named Vocollect to its 24th Annual "Inc. 500 List of America's Fastest Growing Private Companies."
- Global Logistics & Supply Chain Strategies recently named Vocollect one of its "100 Great Supply Chain Partners," acknowledging its role in improving customer operations.
- Modern Materials Handling magazine named Vocollect one of the world's "Top 20 ADC Suppliers."
- The Pittsburgh Technology Council named Vocollect the "Fastest Growing IT Services Company in Western Pennsylvania" for the second consecutive year.