Milestone sees 56 percent increase in revenue

VMS software provider Milestone Systems announced Tuesday that the company set record financial benchmarks in 2010.

According to a statement, the company saw a 56 percent increase in revenue in 2010 to €29.2 million from €18.7 million in 2009. Milestone’s earning increased to €2.9 million in 2010 from €500,000 in 2009.

"Today we see the results of the strategy we implemented during the challenging years. We took some strategic decisions and expanded, even though it was tempting to do the opposite. Now Milestone Systems is very well positioned to build further on its leading market position," said Milestone Systems CEO Lars Thinggaard.

The company also significantly expanded its staff in 2010, increasing its workforce to an average of 246 employees from 181 in 2009. According to Thinggaard, there are currently more than 100,000 Milestone VMS systems installed worldwide.

In addition, the company announced that Jesper Balser will take over as chairman of the company’s board, replacing Ole Stangegaard who served in the position for nine years. Balser formerly held executive positions at Navision and Microsoft Business Solutions.