CINCINNATI, OH and SHANGHAI, CHINA--(Marketwired - May 13, 2013) - Comet Solutions, Inc., the innovative provider of Comet® software for design process automation across repeatable simulation workflows starting early in the product design cycle, is excited to announce several major changes which expand the company's presence in the China market.
Establishes Trading Company For Greater Control Over China Expansion Plans
Effective April 1, 2013, Comet established a Wholly Foreign Owned Enterprise (WFOE), Comet Solutions (China) Co., Ltd. Last year, the company opened a China Representative Office. Strong sales results led to the recent decision to establish a trading company, which enables more flexibility to pursue Comet's growth strategy in China, especially through hiring personnel and expanding partner relations.
Adds Four New Distribution Partners
Comet has expanded its sales channels in China from a single partner to distribution agreements with four new partners, all whose deep CAE experience, services capabilities, and commitment to customer success make them ideally suited to deliver design automation solutions based on Comet software. Dan Meyer, President and CEO of Comet Solutions, remarked, "Our company is committed to expanding the availability of its software in China through partners. We believe that partners are key to serving the market because they provide the local relationships, technical services, training, and support that are essential for our customers in China to be successful using Comet software on their engineering projects."
The four new distribution partners, all of which provide solutions for CAD, CAE, and PLM, are:
- Anwise Technology, based in Beijing.
- Chengdu CAE Technology, based in Chengdu.
- DEMX, based in Shanghai.
- Flyond Technology, based in Beijing.
The addition of these four partners not only gives Comet more geographic coverage, but also increases its industry coverage, including automotive, aviation, power transmission, and ship building.
Relocates China Office To Central Shanghai Location and Opens New Technical Center
Comet has moved its China office to a central Shanghai location near the famous Shanghai Stadium. In addition, the company has founded a Technical Center at this office to better serve the needs of multiple distribution partners and a rapidly growing customer base in China. The Technical Center provides technical sales support, services, and training, and serves as a hub for Comet user events. A team of application engineers with extensive CAE industry experience staffs the Technical Center.
Comet's revenue in China grew over 50% in 2012, serving high-profile customers such as Tangshan Locomotive, China Academy of Space Technology, and Shanghai Institute of Technical Physics. Commented Meyer, "China is the world's fastest growing large economy and is in the midst of tremendous spending in sectors which demand advanced engineering solutions, such as high-speed rail, aircraft, space, and automotive. With our recent expansion in China, we are now well-positioned for continued high company growth."
Comet is looking to other parts of the Asia-Pacific region, besides China, to continue its trajectory as one of the fastest growing companies in the PLM industry. Last year, the company announced a partnership with JSOL's Engineering Technology Division to bring Comet software to the Japan market. The company also anticipates launching sales through partners in India in 2013. Comet is successfully pursuing its strategy to expand resources in sales, marketing, and customer support following a new equity capital round that closed in early 2012.
About Comet Solutions, Inc.
Comet Solutions® is a pioneer in model-based engineering and Abstract Engineering Model® technology. Comet® software is a tool-open and extensible performance engineering workspace that enables automation of design and modeling tasks, and concurrent engineering. With Comet, companies simplify the complex process of engineering product systems and make Computer-Aided Engineering more impactful to the delivery of innovative, higher quality, and cost-effective products. For more about Comet Solutions' products, send email to firstname.lastname@example.org or visit the company's website at www.cometsolutions.com.