Meridian Beats Second-Quarter Targets for Revenue and Earnings
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CHANTILLY, VA, Aug 21 (MARKET WIRE) -- For the second quarter of 2009, Meridian Knowledge Solutions, LLC, a learning-technology company, exceeded its revenue and earnings (i.e., EBITDA) targets by 116 percent and 130 percent, respectively. During the second quarter of 2009, Meridian along with the government practice of its parent company, Visionary Integration Professionals (VIP), generated $14.2 million in revenue and $2.4 million in EBITDA. Meridian's flagship product is the Meridian Global LMS, a learning management system for distributing knowledge and sharpening business skills via the internet. "During the quarter, we saw an accelerated number of inquiries from very large organizations," said Roy Haythorn, vice president of operations for Meridian. "In the second quarter, the new deals we closed were predominantly made up of companies who have 30,000 or more users." "We've made steady progress toward the goals we collectively set for ourselves at the end of 2008," added Vince J. Juaristi, executive vice president for Enterprise Solutions and Human Capital Management at VIP. "Those goals include forging additional strategic partnerships and expanding our customer footprint across an array of industries and regions." New Customers Among Meridian's new customers for the quarter are: -- a Japan-based automaker -- an international transportation company -- a global manufacturer for the food and beverage industry -- a state government, enterprise-wide -- a nationwide provider of technical training for the automotive and marine industries -- a 110,000-member labor union representing service industry workers Business Highlights For the second quarter, Meridian's renewal rates for its subscription licenses as well as its software-as-a-service offering, MG SaaS, were 100 percent. During 2009, Meridian's leadership team committed itself to building on the functionality of the Meridian Global LMS. With enhanced functions for managing and selling online and classroom training, Meridian Global LMS 2009 makes it easy for businesses, such as retailers, banks and trade associations, to train a wide array of customers, suppliers and distributors. "Our customers can easily configure our latest learning management system to support multiple networks, reseller organizations, distributors and their own customers," added Haythorn. "That ease of configurability is a reason organizations are turning to our LMS to deliver learning to employees as well as external audiences such as customers." Among the other reasons new customers cited for choosing Meridian Global LMS were the product's multi-lingual support and a unique product architecture that enables easy integration between the Meridian LMS and HRIS, financial systems and other learning technologies. New customers also noted Meridian's support for the latest e-learning industry standards -- such as SCORM (Sharable Content Object Reference Model) and those developed by AICC (Aviation Industry Computer-Based Training Committee) -- as a motivation for buying. Meridian's executives also credit the success of the past several quarters to the manner in which the company's sales team and delivery group work together. Meridian's delivery team ensures that customers get off to the right start with the company's software. That effort was first publicly recognized late last year when Meridian received the Gold "Excellence in Customer Service Award" from Chief Learning Officer magazine. "We never talk about a sale beginning and ending with our customers," said Geoff Perry, Meridian's director of Software Implementation Services. "Everyone across the company stays involved with our clients in one way or another. So customers know they have more than a few people proactively offering advice, troubleshooting issues or providing support." About Meridian To follow Meridian on Twitter, visit http://twitter.com/meridianksi Our flagship product, Meridian Global LMS, integrates learning content management, workforce analytics, knowledge management, and competency modeling in one learning management system (LMS). In addition to Meridian Global LMS, we provide professional services, courseware development, and hosting services. We serve 6.5 million users at more than 270 public- and private-sector employers. And our software is used by companies that range in size from 900,000 employees to less than 100 workers. Our clients include AutoZone, Panera Bread, the U.S. Air Force, the U.S. Navy, Whirlpool and more than 80 federal, state and local governments. We are the number one ranked learning-technology company for customer loyalty. Our award-winning software aims to deliver learning, distribute knowledge, and sharpen business skills, which will make you a leader in your industry. Our Chantilly, Va.-based company is a wholly owned subsidiary of Visionary Integration Professionals. Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1046730 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1046734 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1046735 Contact: Bill Perry Email Contact 614-975-7538 Copyright 2009, Market Wire, All rights reserved. -0-