Proven software delivery platform installed at over 85 sites worldwide enables Minerva to capitalize on growing IP Television (IPTV) market opportunity
August 9, 2006
Santa Clara, CA
Minerva Networks, the leading provider of open, secure and scalable IPTV delivery platforms, today announced strong customer, revenue and earnings growth in the first half of 2006. The Company has added twenty-nine new customers since January 2006, more than double the number of operators attracted during the same period in 2005. The total number of IPTV service providers running the company's iTVManager middleware now exceeds eighty-five. Minerva expects to continue to post positive growth and profits as the overall marketplace accelerates.
"Operators worldwide are looking for a proven, open platform solution to offer advanced television services," said Mauro Bonomi, CEO of Minerva Networks. "Second quarter demand was remarkable. Not only did we hit a revenue record and achieve profitability, but also we have a significant backlog for the third quarter. We anticipate rapid growth and continued profitability as we add new large telcos worldwide."
During the first half of 2006, a number of service providers, frustrated by the lack of advanced features with their legacy systems, switched to Minerva's iTVManager platform. "These companies needed a proven platform with HDTV, PVR and h.264 capabilities that they could deploy immediately. They also needed a foundation for offering new revenue producing services," continued Bonomi. "The IPTV market is in its early stage and it is still very fragmented." Says Rick Thompson of Heavy Reading. "That Minerva was able to win so many new customers and achieve profitability is quite an accomplishment. The real market growth for IPTV will come as the large telcos move from trials to production. With a large number of systems already in production, Minerva has put itself in a good position as the market really starts to heat up." Minerva's iTVManager solution provides an open, secure, scalable platform for service providers and third party developers to build compelling revenue generating video applications. Included are all the core television applications to support live TV, PPV, VOD and SVOD as well as the increasingly popular services such as Personal Video Recorder (PVR) and High Definition Television (HDTV).
Minerva Networks, Inc., is the leading provider of services management software and applications for the delivery of television services over broadband IP networks. Broadband network operators worldwide use Minerva's products and services to deliver next-generation entertainment and communications applications. Minerva Networks is a private company and is headquartered in Santa Clara, CA, and on the Internet at www.minervanetworks.com.
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