Thor Technologies Quadruples Customer Base and Announces Record Revenues for 2004

Thor Technologies Quadruples Customer Base and Announces Record Revenues for 2004

Customer and Partner Traction, Expansion of Solution Set and Industry Recognition Highlight Banner Year; Company Poised for Aggressive Growth as Worldwide Demand Accelerates for Identity Management Solutions

NEW YORK, Feb. 1 /PRNewswire/ -- Thor Technologies, a leading provider of identity management software that automates corporate compliance and reduces security risks, announced today that it grew revenue by more than 100 percent in 2004, compared with 2003 and, with a healthy roster of new customers, the company is well positioned for even greater growth in 2005. Thor signed multiple new customers in 2004, and achieved significant implementation milestones across existing customer deployments. The company's solutions are now utilized by blue-chip customers on four continents to reduce security risks, ensure compliance with corporate policies and external regulations, increase productivity and dramatically reduce the cost of managing users' access to valuable corporate resources.

Identity Management has become a strategic imperative in today's business environment, as organizations face greater security risks stemming from increased access requirements to their IT systems by outside users via web-based infrastructures. According to the leading analyst firm Datamonitor, the total market for identity management products and services is set to grow from 2003 revenues of $4.3bn to $6.2bn by 2007 at a compound annual growth rate (CAGR) of 9.9%, with provisioning accounting for the highest rate of growth, of 24% CAGR.

Momentous Announcements in 2004 In addition to quadrupling its roster of blue-chip customers, Thor further bolstered its industry leadership position through the infusion of additional capital from its existing investors, continued product innovation, the addition of key executives and a continued focus on strategic partnerships. Thor's 2004 highlights include:

-- Securing $15 million in additional funding to provide the capital
required to meet the growing global demand for its products by
expanding its sales, marketing, product development and strategic
alliances functions.
-- Achieving 100% customer referenceability and signing multiple new
customers, including:
-- One of the world's top-ten largest banks, based in the UK and
operating in over 60 countries;
-- A premier Wall Street investment banking firm with operations in
over 20 countries;
-- The seventh largest US finance company, representing a Japanese
manufacturer;
-- The Outsourced Services business of the world's third largest
provider of IT services, which has 91,000 employees in 80
countries; and
-- One of the world's leading residential furniture producers, with
annual sales of $2 billion
-- Releasing Xellerate Identity Manager (XellerateIM) 8.0, which expanded
Thor's product set with the availability of two new
solutions -- Xellerate Password Manager (XelleratePM) and Xellerate
Audit & Compliance Manager (XellerateACM).
-- Expanding the company's management team to include Michael Burling as
vice president of international sales and Jim Fitzgerald as vice
president of sales, the Americas.
-- Opening new offices in Noida, India; Los Angeles, California; and
Atlanta, Georgia, expanding the company's global presence to six
offices on three continents.
-- Receiving multiple industry accolades, including:
-- Thor customer, Lehman Brothers receiving an award at the October
2004 Digital ID World show for its highly comprehensive
provisioning implementation.
-- Selection of Thor by the prestigious Red Herring magazine as one
of its Top 100 Innovators award winners. Red Herring's editorial
staff evaluated over 1200 submissions from 900 companies, and
selected winners based on a careful analysis of financial data as
well as other criteria, including quality of management,
execution of strategy, and dedication to research and
development.
-- Hosting two highly successful customer Technical Advisory Council (TAC)
events that provided Thor customers and partners with the opportunity
to share experiences and best practices regarding successful deployment
of identity management solutions.



"2005 will be a key year for the identity management marketplace. Competitive pressures will be mounting among vendors providing suite-based solutions and best-of-breed component solutions," said Earl Perkins, vice president, Security & Risk Strategies Technology Research Services at META Group, Inc. "Customers will be looking for those solution providers that have strong partnerships with global technology vendors and integrators, mature architectures and rich feature sets that are going to map well with their provisioning business requirements quickly. Vendors providing those capabilities will succeed this year."

"Working with Thor is a win for RSA and for our customers," said Scott Schnell, senior vice president of marketing and professional services for RSA Security. "Our relationship grew significantly in 2004 as a direct result of listening to our customers' needs and requirements for a complete identity and access management solution -- needs that are met by combining our best-of-class Identity & Access Management solutions with the deep provisioning capabilities of XellerateIM. Our combined offerings provide customers with a best-of-breed solution that is unmatched in its ability to support complex business and technology requirements."

"Thor had a solid year in 2004," said Kevin Talbot, a Thor board member and vice president, corporate ventures and managing director, Strategic Technology Fund at RBC Technology Ventures Inc., a subsidiary of Royal Bank of Canada. "Thor has firmly established itself as a leader in the identity management marketplace and demonstrated to current and future customers and investors that it is a strong competitor."

"This year has shown that Global 2000 companies are choosing best-of-breed solutions like Xellerate in order to ensure their identity management initiatives are successful," said J. Alberto Yepez, chairman and CEO, Thor Technologies. "As 2005 sees an increase in identity management deployments, we will remain committed to customer satisfaction and focused on two core objectives: to maintain our track record of one hundred percent referenceability across our customer base and build upon our existing partner eco-system that includes leading players such as RSA Security, Accenture and others, to drive the adoption of an integrated solution. With a strong sales pipeline, a growing sales force and more than 200 qualified consultants trained on a global basis, we are well on our way to meeting 2005 corporate milestones."

About Thor Technologies, Inc.

Thor Technologies provides identity management solutions to Global 2000 companies and public sector agencies. The most comprehensive provisioning solution for automating compliance, Thor's Xellerate Identity Manager(R) also eliminates security risks by managing "Who Has Access to What" across the enterprise. Thor counts Barclays Plc, HBOS Plc, Lehman Brothers, MphasiS and Nextel Communications as customers, as well as Accenture, BearingPoint, Booz Allen Hamilton, BEA Systems, Oracle Corporation and RSA Security as partners. For more information, please visit http://www.thortech.com/ , or contact the company at info@thortech.com or 800-274-8467 in North America and +44 (0) 1932 268 456 in the UK.

NOTE: Thor Technologies, Thor, the Thor logo, Thor's Xellerate Identity Manager and Adapter Factory are trademarks of Thor Technologies, Inc. All other brands, products, service names, trademarks, or registered service marks are used to identify the products or services of their respective owners.


Source: Thor Technologies, Inc.

CONTACT: Elizabeth Safran of Thor Technologies, +1-408-920-0585, or
th@trainercomm.com

Web site: http://www.thortech.com/


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