Recruitmax Continues its Momentum with Outstanding Third Quarter

PONTE VEDRA BEACH, Fla. and LONDON - Recruitmax, a global provider of workforce management software and services, today summarized its achievements for the quarter ended September 30, 2004.

During this quarter, Recruitmax signed 16 new enterprise accounts including T-Mobile, Bank of the West, Humana, Textron and Platform Learning. The company also continued the trend of further penetrating its installed customer base by selling complementary workforce management applications and additional licenses to its existing clients. As a result, Recruitmax more than tripled its bookings over the third quarter of last year.

In addition to its strong financial results, the company made great strides in its quest to provide a complete suite of workforce management applications. In the third quarter, the company introduced Recruitmax Aloha, an employee onboarding solution that reduces the time it takes to get new hires productive, and Recruitmax Beyond, a vendor management application that enables organizations to more effectively control, analyze and manage their spending on contingent labor services. Also in the quarter, Recruitmax completed its acquisition of KnowledgePoint, a leading provider of Employee Performance Management applications. The addition of these three new applications creates the most comprehensive suite of integrated workforce management applications to help companies ìdifferentiate themselves through their people.î

ìThis has been a truly remarkable quarter,î stated Recruitmax President Jim Philip. ìThe steady ramp-up of our revenues reflects the successful execution of a solid business strategy and a relentless commitment to our customers. During the past several months, we have listened carefully to our customers, which has resulted in enhancements to our core applications, the introduction of complementary product offerings and significant global expansion. We will continue to work closely with our customer base to provide the highest quality workforce management applications.î

Recruitmaxís global expansion also accelerated ahead of expectations in the third quarter. Recruitmax Software Ltd., the EMEA business arm of Recruitmax, closed four enterprise accounts, including three local European firms and a large global financial services institution. Launched earlier this year, the Recruitmax International Data Centre in London will serve as the foundation for local EMEA customers and the European operations of USA-based multi-nationals. Recruitmax also expanded into new markets including China, Korea, Singapore and Italy. An announcement detailing the Asia Pacific expansion will be forthcoming.

ìWe have made substantial progress in becoming a truly global provider of end-to-end workforce management solutions,î said Derek Mercer, founder and CEO of Recruitmax. ìMany of todayís most successful and forward-thinking companies are selecting Recruitmax, not just for professional hiring, but hourly and contingent hiring, onboarding and performance management. Itís a privilege to partner with these organizations and help our industry progress to a holistic view of the workforce as a strategic differentiator. As our growth continues to accelerate, we remain focused on our customers ñ itís all about the people.î