11/4/2003 - Birdstep Technology ASA announced two major new database contracts for RDM Embedded with the total value of USD 297k.
The first agreement is with NCDEX, the National Commodities and Derivatives Exchange of India. NCDEX has joined the growing list of financial exchanges that have chosen to use Birdstep's RDM Embedded database manager for electronic communication networks. The agreement is worth US $135,000. The main part of the revenue will be recognized in Q4 2003 and Q3 2004.
The second contract is with a major financial news, services, and media company based in New York, for the use of Birdstepís RDM Embedded Database. The database will be implemented to support an electronic trading network used by institutional equity and fixed income traders, broker-dealers, hedge fund managers, market makers and portfolio-managers worldwide. The agreement is worth USD $162,000. The main part of the revenue will be recognized in Q4 2003.
"These agreements confirm that the last yearís strengthening of the US economy now results in increased development and purchase of tools in the financial industry", says Hans-Arne Líorange, CEO of Birdstep Technology Inc. "Birdstep Technology is pleased to be recognized as the leading vendor of embedded databases for the industry and to observe an increased marked share for embedded databases in a marked starting to grow after years of lower IT spending," continues Líorange.
About Birdstep Technology
Birdstep Technology is traded on the Oslo Stock Exchange (OSE) under ticker BIRD. The company has headquarters in Oslo and Seattle in addition to offices in London, Boston and San Francisco. Birdstepís small footprint, high performance database technologies combined with its wireless roaming and access software enables companies to build innovative solutions for embedded systems and the Mobile Internet. Birdstep makes your information accessible anytime, anywhere, on any device and on any infrastructure. Birdstepís global customers include 3Com (COMS), VERITAS (VRTS), Harman Becker Automotive Systems, HP (HPQ), Accenture (ACN), Telenor (TELN), PCTel (PCTI), Connect One and the National Stock Exchange of India.
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