TechTarget Announces First-Quarter Revenue Growth of 51 Percent
TechTarget via BizWire
NEEDHAM, Mass.--(BUSINESS WIRE)--April 30, 2004--IT media company
TechTarget announced its first-quarter results today. The company
reported a 51 percent increase in quarterly revenues relative to the
same period last year. The company also again posted a profit.
TechTarget's revenue growth was fueled by increases in the number
of customers doing business with TechTarget, the number of orders
placed by each customer, and the average size of each order.
The company's growth contrasts with the overall performance of the
business-to-business (b-to-b) publishing sector. According to the
latest figures released by Business Information Network (which tracks
b-to-b print advertising spending and pages), February b-to-b
advertising revenues were essentially flat relative to the same period
2003.(1)
"TechTarget's consistent growth has come at the expense of our
competitors, from whom we've taken market share and won over
advertisers," said TechTarget CEO Greg Strakosch. "TechTarget
continues to develop innovative advertising and sponsorship vehicles
that deliver more qualified leads and better return on investment. As
a result, advertisers reward us with their business. As strong as our
results were this quarter, we expect that--as advertisers continue to
reallocate their marketing dollars to targeted online
vehicles--TechTarget's growth will only accelerate."
Q1 2004 Highlights
During the first quarter, TechTarget expanded the scope of its
business through sales growth, product launches, and hiring.
Milestones include:
-- Named one of the "50 Best Places to Work" in the Boston
Business Journal's annual survey of Massachusetts workplaces
-- Recognized for the second consecutive year as one of the ten
fastest-growing private companies in Massachusetts (Boston
Business Journal)
-- Received national recognition for the quality of its customer
service: TechTarget's Client Consulting department was named a
Finalist for Best Customer Service Team by the American
Business Awards (final results TBA May 10)
-- Added 22 employees to accommodate increased demand for
TechTarget media, bringing the total number of employees to
255
-- Released 2003 conference audit results showing that 100
percent of attendees at each TechTarget conference have a role
in the purchase process for the specific technology covered by
the conference
-- Introduced its first service for IT market researchers, the
TechTarget IT Research Panel of 70,000 enterprise IT
professionals who have agreed to participate in relevant
online surveys, the largest panel of IT decision makers
available
-- Expanded the depth of its offerings for Windows professionals
with the launch of SearchExchange.com, a Web site serving the
needs of IT professionals who manage Microsoft Exchange server
environments
-- Introduced a sweeping redesign for Information Security
magazine, which TechTarget acquired in June 2003. The redesign
is the first in the magazine's six-year history.
-- Launched "Products of the Year" awards programs on
SearchWin2000.com, Search400.com, and SearchNetworking.com.
Editors selected 57 winning products in 19 categories.
About TechTarget
TechTarget produces the most targeted media for enterprise
information technology (IT) professionals, including invitation-only
conferences; controlled, qualified e-Newsletters; Webcasts; two
magazines, Storage and Information Security; and a network of Web
sites targeting specific sectors of the IT market. TechTarget leads
the industry in developing innovative advertising vehicles that
address IT marketers' need for high-ROI branding and lead-generation
programs. The leading IT companies in the world rely on TechTarget
media to reach qualified IT professionals with buying power.
TechTarget has more than 1500 advertisers, including IBM, Microsoft,
Oracle, HP, Cisco, Intel, and EMC. More information about TechTarget
is available at www.techtarget.com.
(1) Source: American Business Media Business Information Network,
February 2004.