Fidus Systems Achieves Profitable Growth in 2007

Increasing Demand for Electronic Product Development Services Fuels Growth, Diversification and Profitability

Ottawa, Ontario – April 23, 2008 -- Fidus Systems Inc., an electronic product development company that transforms great ideas into innovative products, today announced the Company achieved solid, profitable growth last year. Revenues in 2007 were $6.7 million, a 14% increase over $5.9 million in 2006. Fidus attributes its sequential year-over-year growth since its inception in 2001 to the growing demand for its high value “concept to production” electronic product development services. Fidus offers turnkey product development and augments customers’ existing skill sets both on- and off-site. 

“Last year, Fidus gained an increasing number of customers from multiple industries seeking the competitive advantages and benefits associated with an outsourced staffing and or turnkey product development model,” said Kevin Rankin, President, Fidus Systems. “As a design partner, Fidus augments its customers’ capabilities through a knowledgeable team with the right combination of experience, technology, processes and tools to ensure concepts accelerate to revenue-generating products quickly.”

In 2007, Fidus expanded its reach in North America with more diversified revenue growth and record bookings. U.S. revenues increased by 22% over 2006 and represented 28% of total revenues, while revenues from Canadian customers increased by 12% over 2006. New bookings hit record levels with an increase of 40% over 2006. Fidus also increased its customer base in 2007 with 25 new customers added in target geographies such as California, Eastern US, Toronto and Ottawa.

“We’re growing, we’re profitable and we’re diversifying. And, last year’s strong performance has given us good momentum and a concrete platform to achieve our strategic goals for 2008,” added Rankin. 

 

About Fidus Systems
Fidus Systems Inc. develops electronic products for a wide range of industries including aerospace, defence, consumer, medical, industrial, semiconductors and telecommunications. Fidus has extensive design experience in turnkey product development and technology knowledge in System Design, Architecture, Wireless, Signal Integrity, Hardware, PCB layout, FPGA/ASIC, Software and Mechanical. As a design partner, Fidus offers companies greater flexibility and capability in their product development with access to the expertise, process and tools to successfully move their concepts to revenue-generating products. Fidus has delivered on more than 600 products and projects for 125 customers across North America. For more information, please visit www.fidus.com.

Fidus name and the Fidus logo are trademarks of Fidus Systems Inc. Other registered and unregistered trademarks are the property of their respective owners. 

© Copyright 2008 Fidus Systems Inc. All rights reserved. Information subject to change without notice.

For more information contact:
Veronica Farmer
Director, Marketing Communications
Tel: 1.613.828.0063 ext. 224
Mobile: 1.613.862.3346
veronica.farmer@fidus.com