Big wins in the Global 1000, Automotive and Europe fuel growth as manufacturers sharpen focus on product cost management in sluggish economy
CONCORD, Mass. — (BUSINESS WIRE) — November 29, 2011 — aPriori, a provider of product cost management software solutions, today announced record results for its second quarter in fiscal 2012 completed October 31. The company reported significant growth in revenues, bookings, number of new customers and value of annual recurring revenues vs. the same quarter year ago. It also signed two of the leading automotive manufacturers in the world along with new customers in EMEA while expanding its deployments at multiple companies in North America.
Record milestones for the company during the Q2 2012 fiscal quarter include:
- 111% increase in revenues vs. same quarter year ago
- 106% increase in bookings vs. same quarter year ago
- 250% increase in new customers signed vs. same quarter year ago
- 76% increase in total customer base since October 2010
- 70% increase in the value of annual recurring revenues vs. same quarter year ago
- 37% increase in its employee base since October 2010
aPriori’s Product Cost Management software platform is a flexible and powerful costing engine that is able to instantly and precisely determine the cost of a part or product from a CAD model, based on the manufacturing process, materials to be used and the factory or region where it will be produced. aPriori is used by designers, cost engineers, sourcing professionals and suppliers to get precise, real-time cost assessments that help companies attack cost at the point of origin. As design changes are made, or new product specs are introduced, aPriori automatically re-assesses and provides an updated product cost quickly and easily. Using this new level of cost knowledge, companies can make more informed design and production decisions and significantly reduce product costs throughout the entire product lifecycle.
“We’re seeing manufacturers more focused on product cost than ever before,” said Stephanie Feraday, aPriori’s president and chief executive officer. “It’s a function of both the economy and the increased competitive environment in manufacturing. Whether it’s in design, production, tooling or sourcing, OEMs are looking for every possible way to streamline costs. The effect can be seen throughout the supply chain too. Suppliers are looking for ways to use technology to keep up with customer demand and turn around contract manufacturing quotes faster and with more accuracy. It’s obviously a good trend for aPriori and one we think will only continue.”
Other highlights for aPriori during the quarter include:
Wins at Ford Motor and One of Europe’s Leading Automotive Manufacturers - Ford Motor Company, one of the largest automotive manufacturers in the world, and one of Europe’s leading luxury car manufacturers selected aPriori’s software platform to help drive down product and tooling costs across their product lifecycles. The software will provide the companies’ engineering, purchasing and sourcing teams with detailed cost analysis as they consider options in product design, manufacturing and process.
Expansion of aPriori Deployment Across All Business Units at Ingersoll Rand - After only eight months of use in its Thermo King business unit, Ingersoll Rand expanded its deployment of aPriori’s software platform across all businesses within the company. aPriori’s software provides Ingersoll Rand with detailed product cost visibility throughout its entire product development process. This helps the company identify quantifiable savings when evaluating alternative designs, manufacturing processes and supply chain sources so it can attack cost at the point of origin where it yields the greatest possible product cost reduction impact.
Continued EMEA Expansion - In Q1, aPriori announced the expansion of its team in Europe, including a new Director of EMEA, new sales executives in the field and new offices in Strasbourg, France; Hamburg, Germany; and Surrey, England. The moves helped drive aPriori’s growth in Europe in Q2 with several new customer wins. The company also continues to leverage its existing European partnerships there, winning business in Q2 alongside Paramex DTC, which specializes in CAD design and development, and Applied CAE, a provider of computer-aided engineering and PLM solutions.
aPriori software and services generate hard-dollar product cost savings
for discrete manufacturing and product innovation companies. Using
product cost assessments, employees in engineering, sourcing and
manufacturing make more-informed decisions that drive costs out of
products pre- and post-production. With aPriori, manufacturers launch
products at cost targets, maximize savings in re-work projects and never
overpay for sourced parts.