SOURCE: Tideway Systems

April 30, 2007 09:00 ET

Tideway Systems Continues Rapid Expansion

NEW YORK, NY -- (MARKET WIRE) -- April 30, 2007 -- Tideway Systems, the independent leader in IT service configuration management for enterprises, experienced yet another year of strong growth in revenues, and expanded into the US and mainland European markets. The expansion is in response to continuing profitability and sustainable growth at Tideway, which ended its fiscal 2006 year with a 65% increase in revenue and a 53% increase in global headcount, growing to 100 people worldwide.

Throughout 2006, Tideway secured significant contract wins with customers including Linklaters, Mizuho, ING, LogicaCMG and GlaxoSmithKline. To support this significant customer growth, Tideway opened offices in New York, Charlotte, Copenhagen and Frankfurt.

"Growth in the IT Service Dependency Mapping market is in part due to the industry's realization that understanding the peer to peer and hierarchical application relationships play an essential role in CMDB implementations," said Ronni Colville, Research Vice President from Gartner. "Over the past three years, application dependency mapping tools have become a critical starting point and can be a critical enabler of a successful CMDB project as they provide capability for a real-time view of server and application dependencies which are foundational for developing an IT services-oriented view in a CMDB."

In July 2006, Tideway released Foundation 6.0, a unique system for managing virtual environments. Foundation 6.0 allows IT organizations to cut through the complexity of virtual environments while providing both the business and the IT department with reliable, up-to-date and coherent source of IT intelligence. In December, Tideway announced the general availability of its automated fingerprint update service for Foundation. This service ensures that Tideway's customers benefit from automatic indexing, recognition and mapping of new data center technologies and applications as they are released to market, providing the most complete map of their IT infrastructure configuration possible.

Tideway recently launched its Technology Alliance Program for leading software and platform vendors that want to integrate their technology with Tideway's flagship solution Foundation™. The Program allows vendors to take advantage of Tideway's track record in IT service management integrations, backed by a specialist team and several customer deployments. Members of Tideway's Technology Alliance Program include Digital Fuel, RealOps, Aperture Technologies and IntePoint.

Tideway also formed a US Channel Partner Program to support its growing network of partners, including value-added resellers, independent software vendors, systems integrators and consulting partners. The program supports channel partners that integrate their offerings with Tideway's products and helps them increase revenue and customer sustainability. Inaugural members of the Tideway Channel Partner Program are leading organizations including Vigilant, Stratagen Group, Align Communications and Interlink.

"Demand for our products looks set to grow as application mapping increases in priority for IT managers throughout 2007," said Richard Muirhead, Chairman and CEO. "Already we are seeing observers and key influencers put special emphasis on application mapping as the first step in developing full configuration management databases, which are becoming something of a holy grail for the industry and an area in which Tideway is a clear leader."

About Tideway Systems

Tideway Systems™ is the independent leader in IT service configuration management for enterprises. Tideway's flagship product, Foundation, provides essential transparency of data center configuration and dependencies, makes configuration management as simple as search and counts among its customers British American Tobacco, British Telecom (BT), BSkyB, Co-operative Bank, Dimension Data, Dresdner Kleinwort, GlaxoSmithKline (GSK), ING, JCB, Linklaters, LogicaCMG, and Mizuho Bank Ltd.

Tideway Systems is a privately held company with offices in the UK, USA, Denmark and Germany. See http://www.tideway.com for further information.

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