Deloitte & Touche Recognizes Virage As One Of North America's Fastest-Growing Technology Companies
SAN MATEO, Calif. - October 21, 2002 - Virage, Inc. [NASDAQ: VRGE], a leading provider of video and rich media communication software, today announced that it has been ranked as one of the fastest-growing companies in the United States and Canada by Deloitte & Touche. This is the second time that the company has made the Deloitte & Touche's Technology Fast 500 list, after becoming public in June 2000. The ranking was based on a five-year percentage increase in revenues from years 1997 to 2001.
"We are delighted to have been selected to the Deloitte & Touche Technology Fast 500 list. Every member of the Virage team deserves credit for this accomplishment," said Paul G. Lego, chairman and CEO of Virage. "Demand for our video and rich media applications remains strong and we expect that our commitment to customer success will continue to drive our growth in the future."
"Making the Deloitte & Touche Technology Fast 500 is a testament to a company's leadership, commitment to technology, and ability to deliver the right solution at the right time," said Mark A. Evans, managing director, Deloitte & Touche Technology, Media & Telecommunications Group. "With its 689 percent growth rate over five years, Virage has proven that its leadership has the vision and determination to succeed, and we at Deloitte & Touche salute their accomplishments."
Virage has more than 350 customers and more than 125 partners worldwide. The Company's products include an award winning rich media content management platform and a set of turnkey applications designed for corporations, government agencies, media & entertainment, and universities.
Fast 500 Selection and Qualifications
The Fast 500 list is compiled from three sources: Deloitte & Touche's 20 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, companies must have had 1997 operating revenues of at least $50,000 USD and $75,000 CD, for United States and Canada respectively, must be public or private companies headquartered in North America, and be "technology companies" defined as companies that own proprietary technology that contributes to a significant portion of the company's operating revenues or devote a high percentage of effort to research and development of technology.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work for in America" by Fortune magazine for five consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and its related entities. Deloitte & Touche is the U.S. national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit Deloitte & Touche's Web site at www.deloitte.com.
About Virage
Established in 1995, Virage is a leading provider of video and rich media communication software. Virage builds integrated rich media business solutions for corporations, media & entertainment companies, universities and government agencies worldwide. Headquartered in San Mateo, California, Virage (www.virage.com) has offices throughout the United States and Europe.
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Forward Looking Statements
This press release contains "forward-looking" statements about the products and services of Virage, as that term is used in Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are denoted by such words as "we expect", "will continue", and similar terms and phrases. These types of statements address matters that are subject to risks and uncertainties, which could cause actual results to differ materially. In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to our annual report on Form 10-K and 10-Q filings, available online at www.sec.gov. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
Virage is a registered trademark of Virage, Inc. Other company product and service names may be trademarks or service marks of others, and are hereby acknowledged.
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