Bridgewater Revenues Up 43%

Bridgewater Systems reports record year

January 31, 2005

2 Min Read

OTTAWA -- Bridgewater Systemsä, a leading provider of policy management solutions for dynamic IP services, today announced record revenues and acceleration in profit growth for the year ended December 31, 2004, making it the most successful year in the company's history. Year-over-year revenue grew by 43 percent, while order demand for its products rose 65 percent, pushing its overall revenue run rate beyond $20 million.

Last year, the emerging growth-stage company signed 16 new customers, including market-leading service providers in the wireless, cable and DSL markets, along with the number one Mobile Virtual Network Operator (MVNO) and Mobile Virtual Network Enabler (MVNE) in North America.

The company strengthened its leadership team with two appointments. Tyler Nelson, vice president of business development and marketing, joined in November 2004. Nelson was most recently vice president, global business development, with Research In Motion. Jim Ghadbane, vice president of product management, joined in September having most recently held positions with Ceyba Corporation and Alcatel Corporation in vice president and general manager roles. Both bring significant wireless and wireline market and technology knowledge to the organization.

Bridgewater Systems also named Jon Shantz to its board of directors as an independent director. Shantz is highly respected throughout the communications industry and adds a valuable perspective to the board. His experience includes roles as senior vice president of business development at Openwave Systems, general manager of the Mobile Business Unit of Cisco Systems, and overseeing data networking initiatives at Bell Labs and British Telecom.

"With these impressive 2004 results, important management team additions and the recognition among operators for the need and importance of our solutions to deliver growth in subscriber profitability, Bridgewater Systems has moved from being a well-grounded and respected product supplier to the IP networking industry to being at the very core of the IP network value map," said Ed Ogonek, Bridgewater Systems' president and CEO. "We're entering a dynamic period of growth and change. Market trends show a continued growth in mobile data and IP broadband sectors, which is great news for us. We saw positive signs with the launch of our Dynamic Broadband Management solution yielding a number of early operator trials in 2004 and demand for the solution from both wireline and wireless operators. Bridgewater Systems is well positioned to take advantage of both growth markets with scalable, carrier-grade solutions that have been proven in leading global service providers' IP networks, and a team that is committed to innovation and delivery."

Bridgewater Systems Corp.

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