ModuleWorks grow revenues more than 20% in 2008Sunday February 1st, 2009
ModuleWorks, the leading supplier of CAD/CAM components for toolpath generation and simulation, achieved revenue growth in excess of 20% for the year 2008.
The increased revenues will support ongoing expansion of the R&D teams at the European centres of excellence in Germany, Romania and Ukraine. The company remains almost entirely R&D focussed with a team of 30+ engineers and re-invests more than 70% of revenue into software development.
During the year, ModuleWorks was pleased to sign agreements with 10 new partners who will contribute to ongoing growth in 2009 as they begin to ship ModuleWorks machining and simulation components to the manufacturing industry. As of December 2008, ModuleWorks supply component technology to more than 50% of the major vendors (as recognised by CIMData).
Managing Director, Yavuz Murtezaoglu comments “Despite tough economic conditions, ModuleWorks managed to grow revenues, enabling us to further increase our investment in R&D”. He also states ”Everyone is facing 2009 with concern for the global economy, however we believe productivity will be a critical issue for manufacturers around the world and that there will be good opportunities for our partners as companies look to benefit from investment in the newer advanced technologies such as 5-Axis and Simulation”