CORRECTED - CORRECTED-UPDATE 1-Zanett upbeat on revenue, shares skyrocket

Tue Jun 15, 2010 2:12pm EDT

(Corrects typo in company name)

June 15 (Reuters) - Shares of IT services provider Zanett Inc ZANE.O doubled after the company said it had signed orders worth $29.7 million this year and expects to realise a major chunk of this revenue within the next 12 months.

The healthcare segment got the largest number of contracts in the past six months, Chief Financial Officer Dennis Harkins said in a statement.

He added that the revenue pipeline is currently over $140 million, and this will fuel growth through 2011 and into 2012.

Shares of the company were trading up 75 percent at $2.47 Tuesday, making it the top percentage gainer on Nasdaq. They touched a high of $2.85 earlier in the session. (Reporting by Mansi Dutta in Bangalore; Editing by Roshni Menon)

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