Every time you hear news that does not involve the presidential candidates, (Is Barak Obama just another Paris Hilton? Or is John McCain too old to serve?) , former presidential candidates (John Edwards being rumored through the blogosphere...ah, but alas all is hush-hush in the traditional media!!!.....) , or future presidential candidates (Hillary 1012)..... you hear the woes of the economy. Bad news is all that is reported, unless it is oil company profits...and then that too is seen as bad news!
But not all businesses are reporting the negaitves. Today one of my favorite local home-grown Austin success stories, Convio, announced their earnings. The company announced record revenues of $14.7 million for the second quarter of 2008, a 35 percent increase over the same period last year.
I love it when local companies are succeeding....it warms my heart and gives me hope for the future of the technology industry in my Central Texas region (and beyond).
Convio has been long expected to go forward in persuit of an IPO, but good companies cannot go public in a bad economy....so it is expected that they will pull their current registration and continue to expand their horizons as a private company.
While Austin (and the tech industry in general) needs to see more companies make it to the public stage, I think that Convio is smart to wait out this current environment. The way I see it, if they are making money, they will survive to fight another day.... and we all know that historically downturns are always followed by up ticks. We forget this when we are struggling with the dips, but it sure is fun to ride the waves up high.
For companies and for individuals, timing is half the battle on the road to success. I expect that their stong financial position today will make Convio look even better when the IPO window re-opens in the future.
Convio is the leading provider of on-demand constituent relationship management software and services to nonprofit organizations to enable nonprofit organizations to more effectively raise funds, influence public policy and support their missions by leveraging the Internet to build strong relationships with constituents. The Company’s online constituent relationship management, or eCRM, solution includes a suite of on demand software modules for fundraising, advocacy, email marketing and Web content management complemented by a portfolio of best-in-class consulting services.
Convio's clients include American Red Cross, American Diabetes Association, American Society for the Prevention of Cruelty to Animals, National Multiple Sclerosis Society, Sierra Club, Susan G. Komen Foundation, and National Public Radio. For more information, please visit http://www.convio.com/
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