Sabrix Kicks Off 2006 with Impressive Growth
Leading Brands in CPG, Energy, Retail and Services Select Sabrix for Consolidated Transaction Tax Management
SAN RAMON, Calif. – May 9, 2006 — Sabrix, Inc., the leading provider of Consolidated Transaction Tax Management™ applications, continues to expand its customer-base, posting solid growth through 2005 and into early 2006. Revenue growth for the first quarter of 2006 was up 70 percent over the same period in 2005—a record in the company's history. Sabrix also continued its impressive growth in new business for this period, with an increase of 131 percent in bookings.
Sabrix's innovations in consolidated transaction tax management have continued to attract dynamic public and fast-growing private companies seeking a flexible and easy-to-use platform for managing all transaction tax types, including sales tax, use tax, VAT, and industry-specific taxes. Recent Sabrix customer wins include Fortune 500 leaders such as Entergy and QUALCOMM, as well as companies like Education Management Corporation and Vertis. Some of the other new customers benefiting from Sabrix include:
- One of the largest department store chains in the United States
- One of the world's most recognized consumer products brands
- One of the leading insurance and risk management companies
- A leading manufacturer and marketer of petroleum and petrochemical products
- A global technology and defense company
- A global leader in communications technologies and services
"Sabrix continues to deliver unprecedented value to companies dealing with the complexities of transaction tax and to set the bar for both product quality and customer satisfaction, as evidenced by our continued growth and a customer retention rate of 99 percent," says Steve L. Adams, president and CEO of Sabrix. "As further proof of our continued dynamic performance, last year Sabrix was honored for the second year in a row as a Deloitte Technology Fast 50 Rising Star. What it really comes down to is offering customers a better way to manage compliance and optimize cash flows with a consolidated approach to transaction tax management. During the last five years, Sabrix has revolutionized transaction tax management, and we continue to lead the industry in innovation and technology advances."
Sabrix's strong financial performance is rooted in the company's commitment to provide customers a compelling return on investment by managing transaction tax with accuracy, control and efficiency. Examples of the outstanding return on investment experienced by Sabrix customers include:
- Savings of $17 million per year in tax and information technology costs during the first three years of an implementation by a global technology corporation
- Six million dollars in annual savings for a chemicals corporation, with half of that savings from VAT-related tax accuracy and cash management optimization.
About Sabrix
Sabrix, Inc. is a leading provider of transaction tax management for companies of all sizes, enabling finance, tax, and IT professionals to achieve accurate, timely, and cost-effective compliance for sales tax, use tax, Value Added Tax (VAT), excise tax and industry-specific taxes and fees. The Sabrix Application Suite serves global enterprises such as Amazon.com, BASF, Cisco, DTE Energy, IBM, QUALCOMM, Sportsman’s Warehouse, and York International. The Sabrix Application Suite seamlessly connects to all financial applications requiring the determination, calculation, and recording of transaction taxes. The company also offers the Sabrix Managed Tax Service™ (MTS), an outsourced transaction tax compliance service that helps finance departments of small-and-medium-sized businesses eliminate the hassle, control their audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance. Sabrix MTS seamlessly integrates with a company’s existing accounting and e-commerce systems, and, similar to outsourced payroll services, operates as a trusted extension of a company’s finance department to address tax compliance from start to finish: address validation, tax rate maintenance, tax determination and calculation, returns preparation and filing as well as audit research and documentation. For more information, please visit www.sabrix.com.
For press inquiries:
Kurt Foeller
Foeller Communications
sabrix@foellercom.com