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Hitec Laboratories 945 Concord Street Framingham MA 01701-4613
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Belinda Sibley
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Hitec announce record year-end results

Hitec Laboratories, the specialist Compliance, Risk & Performance, and Electronic Document Management solutions developer has announced a 22% increase in revenues for the financial year ended June 30th 07.

“This is a very strong performance” commented Hitec CEO Jeremy Crame. “Whilst some of the revenue increase came as a result of the very successful acquisition of Ten Software, we also saw solid growth in the core Electronic Document Management business. Substantial progress was also made during the year in the areas of Electronic Statement Delivery/Presentment and Policies & Procedures Management, with several major implementations successfully completed”.

The adoption of Statement Presentment is being driven by the need for businesses to reduce costs whilst streamlining processes and improving Customer Service levels – all at the same time. As Customers are directed to a branded website to retrieve Statements, the opportunity for increased advertising provides yet further compelling reasons for businesses to adopt this route. The recent postal disputes in the UK have also highlighted the fragility of the traditional services.

“CONFORM, our Policies & Procedures Management solution has proved to be of huge interest to regulated businesses, as Compliance and Corporate Governance is now high profile in every Boardroom” continued Crame. “Next year we plan to combine the strengths of CONFORM and TEN Risk Manager, to provide Customers with an integrated Risk & Compliance solution. 2008 already looks like being another busy and exciting year. We are also planning a move to new, larger HQ premises, and the opening of another overseas office”.