SOURCE: Revitalization Partners

November 08, 2005 10:00 ET

Turnaround Management Firm Revitalization Partners Resurrects Technology Company From the Ashes

Turnaround Experts Take Software Company From Nothing to Over $10 million in Two Years

SEATTLE, WA -- (MARKET WIRE) -- November 8, 2005 -- Millions in debt. Poor management. An organizational nightmare. But, yet, it's still worth saving.

This is a scenario that Seattle-based Revitalization Partners can see in the companies it takes on as clients. The international specialty management and business advisory firm often works with companies that are on shaky financial and structural ground with the goal of turning the situation around before a point of no return.

One of the firm's current clients, FusionWare, was born from the seeds of another company that found itself in a seemingly hopeless situation. The basis of FusionWare's beginnings are the quintessential "something" that almost every company has that's worth saving. With more stability and steady growth now than its predecessor could have ever imagined, FusionWare shows that it is possible, with the right mix of capital infusion, management and products, to create success from failure.

In 2003, investors in a company called GA eXpress, sought out help from Revitalization Partners. The company had serious management issues and was deeply in debt, but had a potentially profitable product -- a software solution that streamlined integration and allowed IT departments to quickly deploy Web services using existing resources rather than having to rely on costly consultants or outside firms.

"GA eXpress was an example of what happens when a company completely ignores their problems. By the time their investors contacted us, GA eXpress was heavily in debt and had very pressing internal issues. The positive side was this was a business with an interesting product idea in a unique market niche. Most importantly, they had a strong and loyal customer base," said Revitalization Partners' Al Davis, who is working with FusionWare as their President and CEO.

Davis quickly recognized the company was too unstable to continue as it was, but saw its underlying potential. He rallied the help of several investors to foreclose on the assets of GA eXpress and fund a new company -- one that would build off of the older company's menu of products and services while continuing to employ many members of their talented team.

Like the Phoenix rising from the ashes, FusionWare was born from a company being consumed by the flames of financial ruin.

"By starting a new company, we were able to put the old company into bankruptcy and yet avoid the loss of key employees to financial restructuring. We took the strongest assets of the old company -- namely its products, client base, management, and developers -- and eliminated its heavy debt burden to create an entity with a real chance at success," said Davis.

Since it was founded, FusionWare has nearly tripled the number of people it employs and has become an emerging leader in platform-independent, low-cost application and data integration solutions. The company recently celebrated the release of the third version of its flagship product -- the FusionWare Integration Server (FWIS). This innovative software solution is not only one of the easiest products of its kind to implement, but can be used on an existing infrastructure and over multiple operating systems. Because of these time- and money-saving measures, total cost of ownership of the FWIS is extremely low when compared to competing technologies.

FusionWare, born from the assets of a company that was woefully stifled by debt and poor management, is now profitable with revenue in excess of $12 million. With offices in Seattle, Vancouver, BC; and Australia, FusionWare also recently acquired two firms -- Pacific Software Associates (PSA), of Hillsboro, Ore.; and Portland, Ore.-headquartered NCS Tek. PSA specializes in IBM hardware and software solutions for forest industries, government agencies, and business accounting. NCS Tek is a mid-range and enterprise-computing provider. These IBM Business Partners will add to FusionWare's core technologies and services while expanding their market presence and customer base.

"Every company begins with the hope of success, but hope isn't a strategy and sometimes there are unforeseen twists and turns that can take a company off track," said Davis. "FusionWare is proof that it is possible to create something good and strong out of a situation that may seem hopeless. This is where Revitalization Partners thrives and can become the best friend to any struggling company, overwhelmed management team, or investor. Almost every company has something that's worth saving."

ABOUT REVITALIZATION PARTNERS

Revitalization Partners is an international specialty services firm that provides hands-on executive management and advisory services to organizations that are facing challenging periods with respect to growth, restructuring and financial management. The firm specializes in bringing strong execution and unique solutions to address complex business problems.

Each of the principals of Revitalization Partners has earned a solid reputation across diverse industries. They quickly assess the potential growth and development of an organization and focus on rapidly achieving business objectives. Each of them has served as a senior manager and Board member of companies ranging from pre-revenue to multi-billion dollar enterprises.

ABOUT FUSIONWARE CORPORATION

FusionWare Corporation (www.fusionware.net) is a privately held software company with offices in the US, Canada and Australia. FusionWare is recognized for creating data access and intelligent integration solutions, including its flagship product, the FusionWare Integration Server, which solves today's most complicated integration and communication issues. Their highly sought after solutions enable customers to leverage existing IT investments and quickly and cost-effectively develop powerful Web services, which improve operational efficiencies without adding complexity to their existing IT infrastructure. Around the world, FusionWare products have gained a loyal following with Fortune 500 companies and organizations of all sizes including Elizabeth Arden Salons, Reynolds and Reynolds, Saint-Gobain Calmar and Loram Maintenance of Way.

FusionWare markets in the USA, UK and Asia/Pacific both directly and through its extensive partner network. For more information contact FusionWare at info@fusionware.net or call (949) 250-4800 (US) or +61-2-9975-3101 (Asia Pacific).

EDITOR'S NOTE: For more information about Revitalization Partners or FusionWare or to schedule an interview with a company representative, please contact Ginger Vaughan (ginger@quinnbrein.com) or Ryan Malane (ryan@quinnbrein.com) via e-mail or at 206-842-8922.

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