Nasdaq GlobeNewswire

Vricon's disruptive 3D GEOINT technology fuels company growth

Del

Company's momentum reflects growing need for high-resolution, extremely accurate 3D data and solutions

McLean, VA, June 18, 2018 (GLOBE NEWSWIRE) -- Vricon, a global leader in 3D data and solutions, today announced that it has more than doubled its year-over-year sales growth rate and set a record pace for new customer acquisition.

Vricon serves the global professional geospatial market with world-leading 3D geodata and 3D visualization solutions. With direct access to the world's largest global imagery archive, Vricon uses automated 3D image-processing algorithms inside a state-of-the-art high-performance computing environment to produce its high-resolution 3D data and solutions for government and commercial clients. Use of 3D geodata helps users to see the world as it really exists, explain what they're seeing more clearly, and better convey their findings to decision makers. 

Vricon has greatly increased and diversified its government-sector portfolio.  From early 2017 to today, Vricon increased its support to foreign government clients, who now generate roughly 35 percent of Vricon revenue. Vricon also grew its US Government (USG) client base by 67 percent; USG clients account for slightly less than 50 percent of total Vricon revenue.

On the commercial side, "the real excitement is coming in the telecommunications sector," said Eric Von Eckartsberg, Vricon Chief Revenue Officer. "As recently as last year, we expanded into the telco market, where we immediately picked up new clients and quickly grew this nascent opportunity to approximately 11 percent of our 2017 revenue. We anticipate explosive growth in this sector throughout 2018." 

Vricon's expansion into the telecommunications sector reflects a critical need for telecommunications companies to navigate the rapid changes happening throughout the industry. With an increasing number of connected devices, high-definition content, and new services, the demands on networks are accelerating and growing exponentially; telecommunications companies need cost-effective, next-generation geodata solutions that allow them to design networks that can perform optimally for 4G LTE but can also accommodate the 5G environment to empower smart homes and the Internet of Things.

"The company's momentum reflects the growing need for high-resolution, extremely accurate 3D data and solutions," said Magnus Brege, Vricon CEO. "When we launched the company in 2015, we initially targeted the defense community. But other industry sectors quickly recognized the power of Vricon 3D products and solutions to create new opportunities effectively and overcome their challenges. We're also building an international commercial clientele, who now contribute over 7 percent to our revenue and is growing quickly."  

Vricon, which just celebrated its third birthday, has achieved a number of other timely milestones: 

  • By early 2018, Vricon increased sales by 130 percent over the previous 12 months, enabling the company to become debt free.
  • In just the first quarter of 2018, Vricon generated $10 million in revenue.
  • In February 2018, Vricon launched its new Telco Suite, a comprehensive, cost-effective, next-generation solution for the telecommunication sector.
  • In 2017, Esri-the market leader in geographic information system (GIS) software-became a Vricon reseller, opening the door to many new and diverse customers who now can use Esri tools to work with Vricon 3D data to support public safety, energy, and other key sectors.

"Vricon's mission is to build The Globe in 3D by producing photorealistic 3D products and digital elevation models with unmatched coverage and delivery timelines," adds Brege. "It's not just a tag line - we're really doing it, as the company's financial and technical achievements demonstrate."

About Vricon 

Vricon serves the global professional geospatial market with world-leading 3D geodata and 3D visualization solutions. Vricon is headquartered in McLean, Virginia. For further information, visit http://www.vricon.com. Follow us on LinkedIn, YouTube, Twitter, Instagram, and Facebook.

Attachment

Craig Brower
Vricon
703-283-4588
craig.brower@vricon.com



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vricon via Globenewswire

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