No hardware reliance key to Veritas' record breaker

Storage software vendor Veritas has attributed its record breaking quarter to what it describes as its "no hardware" strategy.

The company's Chairman, President and CEO, Gary Bloom, qualified the statement by saying: "The fact that we don't have a hardware dependence is an asset."

Veritas posted revenues of US$513 million for the quarter ended December 31, 2003, up from US$406 million for the same period the previous year. Revenue for the whole year ended December 31, 2003 was $1.77 billion, up from $1.51 billion the previous year, representing year on year growth of 18 percent.

"Our outstanding fourth quarter performance is a culmination of a record-breaking year. We attribute this success once again to our focused execution on our growth strategy of expanding our product portfolio, delivering these products on a broad range of hardware and software platforms to further our heterogeneous advantage, and extending our reach worldwide by investing in sales and service capacity around the globe," added Bloom.

"The continued investment in our business, coupled with our focus on driving our product strategy through the eyes of the CIO, places Veritas in a strong position for growth in 2004. While our growth depends on a continued IT spending recovery, our business is strong and we expect to drive the company to a target of $2 billion in revenue in 2004."

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