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Paragon Application Systems reports 30% revenue increase from '07 to '08
March 11, 2009
HOLLY SPRINGS, N.C. — Paragon Application Systems, which provides e-payment simulation, configuration and testing software, reported record sales and revenue growth in 2008 — an increase fueled by worldwide demand.
According to the company, revenue increased 70 percent from 2006 to 2007, and was up 32 percent in 2008.
"During the past couple of years, our focus has not been simply on growth per se, but rather on balanced growth," said Gary Kirk, president of Paragon. "In addition to extending our product sales into new industries and geographic areas outside the U.S., we have worked hard to strengthen our consulting and professional services capabilities. We have increased headcount by 30 percent in the past year, adding talented, experienced staff."
In 2008, Paragon added 50 new customers, including one of the largest merchant processors in the world, the largest payment processor in Canada and some of the largest processors in Latin America and Russia. Paragon also executed more than 100 agreements with new and existing customers worldwide and sold more than 200 product licenses, which now total more than 1,200.
Paragon software and services focus on:
- Implementing contactless card support with a major issuer
- Assisting in EMV implementation at several Canadian financial organizations
- Facilitating the integration of development teams from 60 countries for a Top-10 bank
- Implementing test cases to exercise fraud detection for a major processor
- Verifying a BASE24 upgrade at one of the largest processors in Russia
- Assisting with a migration to Postilion software in a major Middle Eastern bank
- Refining testing methodologies and instituting 'best practices' with a major processor in Latin America
"Change drives demand for Paragon products, and this was certainly the case in 2008," said Jim Perry, Paragon's vice president of sales and marketing.
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