Rising Fuel Costs, Decreased Corporate Travel Drive Growth for Providea Conferencing's HD video conferencing Solutions Company Expands into New Markets; Adds Many New Fortune 1000 Clients
Quincy, MA - July 28, 2008 - Providea Conferencing, the premier provider of integrated, High Definition (HD) video conferencing, audiovisual (AV) and networked solutions and services, today announced an increase in first half 2008 revenues of more than 50% and an increase in bookings of 65% over the same period of 2007.
The escalating cost of gasoline and jet fuel costs and a softer U.S. economy has a growing number of companies expanding their telecommuting programs and increasing their use of video conferencing technologies. The technology has helped many Fortune 1000 companies to reduce corporate travel spending over the past year.
"I truly believe our first half results this year are indicative of a 'tipping point' in our industry - where the combination of the high cost and inconvenience of travel of any kind, not just air travel, and genuine concern about our environment can now be addressed with the availability of high quality HD video conferencing and collaboration tools," said Providea Co-founder and President Todd Luttinger. "We are seeing more and more organizations across multiple markets mandate reduction and or elimination of travel along with a desire to reduce their carbon footprint. Additionally the 'glamour' once associated by some with travel has eroded with limited and overcrowded flights, high fares and diminished reliability. Organizations that are regionally dispersed are struggling to justify the time, cost and environmental impact of automobile travel and now view HD video conferencing as a terrific and more efficient alternative."
Highlights of Providea's record first half, which ended on June 30th, include:
Added many new customers in New England, New York and the Great Lakes Region, including Akamai, Boston Scientific, Genzyme, SV Life Sciences, Fish & Richardson, Crestview Advisors, Comcast, United Jewish Centers (UJC), Cozen O'Connor, Intralinks and Register.com.
Continued expansion of video networks of existing customers including Charles River Labs, Cleveland Clinic, EMC, CDM, Apollo, Ropes & Gray, Goodwin Procter, Citizens, Boston Medical Center, Nuance, John Hancock, TJX, Rutgers University and Charmer Sunbelt Group.
Tripled Boston HQ office space, expanding Customer Support Center, fabrication and test center, demonstration facilities and general office area.
Designed state-of-the-art "Telepresence" room to showcase the latest technology available along with Providea's unique integration expertise for customized solutions for this growing application.
Expanded company to more than 40 employees across the country.
Introduced and secured customers for Providea Presence Solution Series - a family of three new easy-to-use video conferencing solutions that package Providea's custom design, technology and integration expertise for mobile, office/room and large/boardroom video conferencing.
"Our HD solutions allow employees to collaborate face-to-face without boarding a plane or spending hours in traffic," continued Luttinger. "Within the first three or four minutes of the meeting, they forget that the technology is facilitating the meeting. Our solutions enable customers to feel like they are sitting across the table. Not only do we spend time recommending the most appropriate system solutions for their applications, we also provide a knowledge base of disciplines in the areas of Best Practices, Design, Implementation and ongoing Support Services. Our customers come from verticals such as Private Equity, Venture Capital, Legal and Healthcare and are using this technology in truly 'mission critical' ways such as mergers and acquisitions, partner meetings, portfolio company reviews, depositions and continuing medical education."
"The primary reason for our video conferencing implementation via Providea Conferencing and technology provider LifeSize was our growing business and the need for continuous interpersonal communication," said Nick Ventresca, CIO at Charles River Laboratories, a global provider of essential products and services to help pharmaceutical and biotechnology companies accelerate their research and drug development efforts. "Our high-end, immersive video conferencing capabilities have transformed the visibility and effectiveness of our meetings in terms of interactive questions and answers, encouraging discussion, and creating the impression that all meeting participants are in one room."
About Videré Conferencing
Established in 2002, Providea Conferencing is the leading conferencing solutions provider of integrated, High Definition video conferencing, audiovisual and networked solutions and services. Leading organizations within financial, legal, technology, professional services, healthcare, entertainment, education and government sectors rely on Providea Conferencing. The founders of Providea -- Todd Luttinger, Bill Benoit and Steve Cogliano -- have many years of collective experience in conferencing systems design, best practices, sales, implementation and support. Headquartered in Quincy, MA, Providea has partnerships with best-of-breed video conferencing solutions providers LifeSize, Polycom and Cisco. For more information, visit www.Provideaconferencing.com
