WSTM 1.04 Workstream Signs Multi-Million Dollar, Multi-Year OEM Contract
Jun 26, 2007 8:30:00 AM
Copyright Business Wire 2007
BURLINGAME, Calif.--(BUSINESS WIRE)--
Workstream Inc. (NASDAQ: WSTM), a leading provider of On-Demand Human Capital Management (HCM) including compensation, performance and talent management solutions, today announced it has signed a significant multi-year OEM agreement during Workstream's fiscal Q4 2007. This agreement will embed a key Workstream technology in the OEM company's on-demand benefits management offerings. The overall contract is valued at $2,000,000 with revenue to be spread over the next two years.
"Our end-to-end integrated suite of Talent Management technologies positions us extremely well to be a partner of choice for Systems Integrators, Human Resources Outsourcers (HRO) and Business Process Outsourcers (BPO) providing Workstream opportunities to participate in larger multi-year deals worldwide," said Deepak Gupta, President and CEO of Workstream.
"This type of agreement demonstrates the strength of the Workstream technology and signals a renewed effort by Workstream to leverage partnerships to accelerate revenue growth and increase market penetration of our solutions," said Kevin Dobbs, Senior Vice President of Business Development at Workstream. "Workstream can address our partner's needs today for integrated, multi-lingual, multi-national, pay-for-performance, Talent Management solutions to the Global 2000."
About Workstream
Workstream provides on-demand compensation, performance and talent management solutions and services that help companies manage the entire employee lifecycle - from recruitment to retirement. Workstream's TalentCenter provides a unified view of all Workstream products and services including Recruitment, Performance, Compensation, Development and Transition. Access to TalentCenter is offered on a monthly subscription basis under an on-demand software delivery model to help companies build high performing workforces, while controlling costs. With offices across North America, Workstream services customers including Chevron, The Gap, Home Depot, Kaiser Permanente, Motorola, Nordstrom, VISA and Wells Fargo. For more information visit www.workstreaminc.com or call toll free 1-866-470-WORK.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Workstream's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to grow our client base and revenue because of the number of competitors and the variety of sources of competition we face; client attrition; inability to offer services that are superior and cost effective when compared to the services being offered by our competitors; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to enter into successful strategic relationships and other risks detailed from time to time in filings with the Securities and Exchange Commission.
Source: Workstream Inc.
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Workstream
Stacey Virgo
1-866-953-8800
Ext. 715
stacey.virgo@workstreaminc.com
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