Charles River Development

Charles River Development Ranked as New England's 24th Fastest Growing Technology Company in Deloitte Technology Fast 50 Program

- Ranked in Top 25 for Second Straight Year; Records 5th Consecutive Year of Double-Digit Revenue and Profitability Growth -

BURLINGTON, MA & LONDON, October 5, 2004 – Charles River Development, a market-leading provider of financial software and consulting services to the global investment management community, today announced it ranks 24th in Deloitte's prestigious 2004 Technology Fast 50 Program for New England, a ranking of the 50 fastest growing public and private technology companies in the area by Deloitte & Touche LLP, one of the nation’s leading professional services firms. Rankings are based on the percentage of growth in fiscal year revenues over five years, from 1999–2003.

Charles River's increase in revenues of 691% from 1999 to 2003 resulted in its 24th place ranking. The average increase in revenues among companies who made the Fast 50 for this region was 1,515%.

"Our continued growth is a direct result of our client relationships and our commitment to their success," said Peter K. Lambertus, president and CEO at Charles River Development. "Through our relationship management group, we maintain constant communication with our clients. By keeping the communication channels open, we gain real-time feedback about our products’ performance and the unique needs and day-to-day challenges of each client. As a result, we are able to design and deliver new features in parallel with market demand."
"We entered into 45 new customer relationships in the past 18 months. This is a significant achievement and proves our customer-driven approach is the right one in a business environment that has caused many of our competitors to struggle," continued Lambertus.

"In an era where technology companies come and go, making the Deloitte Fast 50 is a testament to a company's vision," said Stephen DiPietro, Deloitte partner responsible for the New England Technology Fast 50 Program. "Charles River Development’s leadership has the right stuff for growth, and Deloitte salutes their accomplishments."

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1999 and $1,000,000 in 2003, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.

The New England Technology Fast 50 Program is co-sponsored by Wilmer Cutler Pickering Hale and Dorr, and is supported by Mazonson, the American Stock Exchange and Mass High Tech.

Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America’s top 500 fastest growing technology companies.