Business News and Advice Center by business expert Steve Daines: RightNow Technologies, a provider of customer relationship management (CRM) solutions, recently reported to Wall Street that its 2010 revenues grew by 22% over 2009 results. For the full year, revenues totaled over $185 million with net profit coming in at just over $20 million. Fourth quarter sales grew by 24% over the last quarter of 2009, reaching $51.4 million
The company, founded and headquartered in Bozeman, Montana, is the largest commercial employer and only publicly traded company there, recently announced that it had grown to more than 1,000 employees, about half of whom work at the Bozeman campus. The company hired 123 new employees during 2010 and expects to hire an additional 240 employees in 2011.
In its report to Wall Street, RightNow Technologies estimated that their revenue will reach $224 million in 2011. The demand for customer relationship management solutions is expe cted to remain strong in 2011 as 31% of organizations polled in a recent survey by Gartner Inc. said they expect an increase in application software spending in 2011. Expected CRM expenditures topped the list as 42% of survey respondents are anticipating increased spending in 2011.
The same Gartner study also found that buyers of CRM software are placing an emphasis on investments that enhance customer retention and improve the customer experience, which is RightNow Technologys area of expertise. The automation of marketing efforts, another RightNow strength, continues to be the leading market segment within the CRM industry. The greatest demand is focused on marketing campaign and lead management as well as analytics.
In addition to its record earnings, RightNow also announced that the acquisition of the privately held European company Q-go has been completed. Q-go specializes in semantic search, which seeks to improve the accuracy of search results by interpreting the intent of the searcher. The Q-go acquisition will add about 60 companies to RightNows client roster.
Business News and Advice by Steve Daines: Following graduation from MSU, Steve left Montana to work for Procter & Gamble. During his thirteen year management career at P&G, he spent seven years managing operations in the United States, followed by a six-year assignment based in Hong Kong and China.
In 1997, Steve and Cindy decided it was time to move the family back to Montana. Steve left P&G and returned home to Bozeman and joined his mom and dad in the family construction business. In 2000, Steve joined RightNow Technologies, a start-up business founded and headquartered in Bozeman, which at that time had less than 100 employees.
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