Contact Actuate

Actuate Reports First Quarter 2013 Financial Results

+ Q1 license revenue up 16% year-over-year to $15.5 million

+ Total BIRT iHub-based business and iHub-based license business growth accelerating

+ Growth in BIRT developers to over 2.5 million worldwide

+ Over 100,000 total registrations on the BIRT Exchange

SAN MATEO, Calif.--April 29,2013--Actuate Corporation (NASDAQ: BIRT), The BIRT Company– delivering more insights to more people than all BI companies combined, today announced financial results for the first quarter 2013.

First Quarter 2013 Financial and Operational Highlights:

  • License revenue up 16% year-over-year to $15.5 million;
  • Total revenue of $34.9 million;
  • Booked 4 transactions with a license component in excess of $1.0 million;
  • Non-GAAP operating margin of 16% and non-GAAP operating income of $5.5 million;
  • Non-GAAP fully diluted EPS of $0.08;
  • Total cash and short-term investments, net of debt, of $67.3 million on March 31, 2013;
  • Operating cash flow of $9.6 million;
  • Repurchased $10.0 million worth of stock during the quarter.

“Our first quarter marks a solid start to 2013 with 16% year-over-year growth in our overall license revenue,” said Peter Cittadini, President and CEO of Actuate. “Our recently launched BIRT iHub consolidates our key offerings and helps our customers to harness Big Data Business Analytics, Customer Communications Management and Customer Facing Applications and their intersection with touch devices, for maximum benefit. BIRT iHub is being well received by our customers and accelerating and is the future growth driver for Actuate.”

Tweet this: #Actuate NASDAQ: $BIRT: License revenue +16% YOY; Non-GAAP diluted EPS $0.08; Non-GAAP Op Margin 16%

Revenues as reported in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2013 were $34.9 million, compared with $34.8 million in the first quarter of 2012. License revenues for the first quarter of 2013 were $15.5 million, up 16% when compared with $13.4 million in the first quarter of 2012. Service revenues for the quarter were $19.4 million, compared with $21.4 million reported in the same quarter last year.

GAAP operating income was $2.8 million for the first quarter of 2013, compared with $6.3 million in the first quarter of 2012. GAAP net income for the first quarter of 2013 was $3.0 million, or $0.06 per diluted share, compared with net income of $3.9 million, or $0.07 per diluted share, in the first quarter of 2012.

Non-GAAP net income for the first quarter of 2013 was $4.2 million, or $0.08 per diluted share, compared with non-GAAP net income of $5.9 million, or $0.11 per diluted share in the first quarter of 2012. Non-GAAP operating margin and net income margin for the first quarter of 2013 was 16% and 12%, respectively.

Cash and short term investments, net of debt, totaled $67.3 million on March 31, 2013, an increase of $1.7 million from December 31, 2012.

Share Repurchases

In August 2012, the Board of Directors approved a $30.0 million share repurchase program, of which $4.4 million remains as of March 31, 2013. During the first quarter of 2013 the Company repurchased $10.0 million worth of stock. The share repurchase authorization does not have an expiration date and the pace and timing of repurchases will depend on factors such as cash generation from operations, the volume of employee stock plan activity, cash requirements for acquisitions, economic and market conditions, stock price and legal and regulatory requirements.

First Quarter 2013 Business Highlights:

Big Data & Analytics:

International:

BIRT/iHub:

  • Total BIRT iHub-based business and iHub-based license business growth is accelerating;
  • The BIRT community includes over 2.5 million BIRT developers worldwide;
  • BIRT license business from open source BIRT users continues strong growth;
  • Significantly higher average license order size from open source BIRT users;
  • Over 103,000 total registrations to date on BIRT Exchange, up from 85,000 a year ago.

Customers:

During the first quarter, Actuate received significant new and repeat business from, among others: AEP Energy Inc., APL Limited, Blue Cross and Blue Shield of Alabama, Capital One Financial Corporation, Catamaran Corporation, Cisco Systems (ACS), Farmers Group, Inc., Integrated Data Service, Lincoln National Life Insurance Company, Maxor National Pharmacy Services Corporation, Nationale-Nederlanden, Niku / CA, Inc., Odyssey Logistics & Technology Corporation, Photo-Type Engraving Company, Taleo Corporation - An Oracle Company, USAA Life Insurance Company, Virtus LLC.

Conference Call Information

Actuate’s management will be holding a conference call at 2:00 p.m. PT (5:00 p.m. ET) today, April 29, 2013 to further discuss these results. The dial-in number for the call is 877-407-8035 (201-689-8035 for international participants) and the conference ID is #412204. The conference call will be broadcast live on the Investor Relations section of Actuate’s web site at http://www.actuate.com/investor and will be available as an archived replay for a limited time thereafter.

Discussion of Non-GAAP Financial Measures

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Actuate management evaluates and makes operating decisions using various performance measures. In addition to our GAAP results, we also consider adjusted net income, which we refer to as non-GAAP net income. We further consider various components of non-GAAP net income such as non-GAAP gross margin and non-GAAP operating expense. Non-GAAP net income is generally based on the revenues of our product, maintenance and services business operations and the costs of those operations, such as cost of revenue, research and development, sales and marketing and general and administrative expenses, that management considers in evaluating our ongoing core operating performance. Non-GAAP net income consists of net income excluding amortization of intangible assets, equity plan-related compensation expenses, acquisition related expenses, restructuring charges, asset impairment costs, and foreign currency exchange gains and losses related to the revaluation of monetary assets and liabilities and other charges and gains which management does not consider reflective of our core operating business. Non-GAAP net income also includes an adjustment to add back revenue that could not be recognized due to the impact of purchase accounting on the acquired Quiterian revenue contracts. Intangible assets consist primarily of purchased technology, in-process research and development, trade names, customer relationships, employment agreements and other intangible assets issued in connection with acquisitions. Restructuring charges consist of severance and benefits, excess facilities and asset-related charges and include strategic reallocations or reductions of personnel resources. Equity plan-related compensation expenses represent the fair value of all share-based payments to employees, including grants of employee stock options recognized during the period. For purposes of comparability across other periods and against other companies in our industry, non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the Company would accrue using a normalized effective tax rate applied to the non-GAAP results. Our non-GAAP earnings per share calculation also includes an adjustment to total outstanding shares to reflect what the share amount would have been if it were calculated using non-GAAP results.

Non-GAAP net income is a supplemental measure of our performance that is not required by, nor presented in accordance with, GAAP. Moreover, it should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We present non-GAAP net income because we consider it an important supplemental measure of our performance.

Management excludes from non-GAAP net income certain recurring items to facilitate its review of the comparability of the Company's core operating performance on a period-to-period basis because such items are not related to the Company's ongoing core operating performance as viewed by management. Management uses this view of its operating performance for purposes of comparison with its business plan and individual operating budgets and allocations of resources. Additionally, when evaluating potential acquisitions, management excludes the items described above from its consideration of target performance and valuation.

The Company believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of the Company's control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and the Company does not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock option grants.

The Company believes that the presentation of these non-GAAP financial measures is warranted for several reasons:

1) Such non-GAAP financial measures provide an additional analytical tool for understanding the Company's financial performance by excluding the impact of items that may obscure trends in the core operating performance of the business;

2) Since the Company has historically reported non-GAAP results to the investment community, the Company believes the inclusion of non-GAAP numbers provides consistency and enhances investors' ability to compare the Company's performance across financial reporting periods;

3) These non-GAAP financial measures are employed by the Company's management in its own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting;

4) These non-GAAP financial measures facilitate comparisons to the operating results of other companies in our industry, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of the Company's performance.

Set forth below are additional reasons why specific items are adjusted in the Company's non-GAAP financial measures:

a) Amortization charges for purchased technology and other intangible assets are excluded because they are inconsistent in amount and frequency and are significantly impacted by the timing and magnitude of the Company's acquisition transactions. We analyze and measure our operating results without these charges when evaluating our core performance. Generally, the impact of these charges to the Company's net income tends to diminish over time following an acquisition.

b) While stock-based compensation constitutes an ongoing and recurring expense of the Company, it is not an expense that typically requires or will require cash settlement by the Company. We therefore exclude these charges for purposes of evaluating our core performance as well as with respect to evaluating any potential acquisition.

c) Restructuring charges are primarily related to severance costs and/or the disposition of excess facilities driven by modifications of business strategy. These costs are excluded because they are inherently variable in size, and are not specifically included in the Company's annual operating plan and related budget due to the rapidly changing facts and circumstances typically associated with such modifications of business strategy.

d) The deferred revenue adjustment relates to our acquisition of Quiterian, which was concluded in October 2012. In accordance with the fair value provisions of Accounting Standards Codification ("ASC") 805, Business Combinations, acquired deferred revenue was recorded on the opening balance sheet, which was lower than the historical carrying value. This purchase accounting requirement adversely impacts the Company's reported GAAP revenue primarily for the first twelve months post-acquisition. In order to provide investors with financial information that facilitates comparison of both historical and future results, the Company has provided non-GAAP financial measures which exclude the impact of the purchase accounting adjustment. The Company believes that this non-GAAP financial adjustment is useful to investors because it allows investors to (a) evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making and (b) compare past and future reports of financial results of the Company as the revenue reduction related to acquired deferred revenue will not recur when related terms are renewed in future periods.

e) Foreign currency exchange gains and losses represent the net gain or loss that Actuate has recorded for the impact of currency exchange rate movements on monetary assets and liabilities denominated in foreign currencies related to the revaluation of these assets and liabilities. Actuate presents non-GAAP financial information excluding foreign exchange gains and losses for several reasons. These foreign currency gains and losses are generally unpredictable and can cause Actuate’s reported results to vary significantly. The magnitude and timing of these gains and losses are largely outside of Actuate’s control because Actuate has not engaged in hedging or taken other actions to reduce the likelihood of incurring a sizeable net gain or loss in future periods. Management believes that these gains and losses are unrelated to the ongoing operation of its business in the ordinary course and are non-operational. Management therefore excludes these items for the purposes of evaluating core performance and they are not specifically included in the Company’s annual operating plans, budgets or management compensation structure. Actuate believes that investors benefit from a supplemental non-GAAP financial measure that excludes these items because it allows more meaningful comparability of results between periods and enables investors to compare Actuate’s core operating results in different periods without this variability.

f) Asset impairment costs are excluded because they inherently vary in size and are not specifically included in the Company's annual operating plan. Furthermore, asset impairment charges do not typically require any cash outlay and the timing of such impairments is largely outside of the Company's control.

g) Income tax expense is adjusted by the amount of additional expense or benefit that we would accrue if we used non-GAAP results instead of GAAP results in the calculation of our tax liability, taking into consideration the Company's long-term tax structure. The Company is using a normalized effective tax rate of 30%. This adjustment is made because the rate remains subject to change based on several factors, including variations over time in the geographic business mix and statutory tax rates. This non-GAAP estimated tax rate is reviewed annually.

h) Acquisition-related costs are costs incurred in concluding our acquisition of Quiterian. The acquisition was closed in October 2012. These costs are excluded because they are inconsistent in amount and frequency and are directly impacted by the timing and magnitude of the Company’s acquisition transactions. We analyze and measure our operating results without these charges when evaluating our core performance. These acquisition-related costs are unrelated to the Company’s core operations in the ordinary course and are not included in our annual operating plan and budget.

In the future, the Company expects to continue reporting non-GAAP financial measures excluding items described above and the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above. Accordingly, exclusion of these and other similar items in our non-GAAP presentation should not be construed as an inference that these costs are unusual, infrequent or non-recurring.

As stated above, the Company presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's GAAP results. In the future, the Company expects to incur expenses similar to the non-GAAP adjustments described above and expects to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:

  • Amortization of intangibles, though not directly affecting our current cash position, represent the loss in value as the technology in our industry evolves, is advanced or is replaced over time. The expense associated with this loss in value is not included in the non-GAAP net income presentation and therefore does not reflect the full economic effect of the ongoing cost of maintaining our current technological position in our competitive industry, which is addressed through our research and development program.
  • The Company may engage in acquisition transactions in the future. Merger and acquisition related charges may therefore continue to be incurred and should not be viewed as non-recurring.
  • The Company's employee equity incentive and employee stock purchase plans are important components of our incentive compensation arrangements and will be reflected as expenses in our GAAP results for the foreseeable future.
  • The Company's income tax expense will be ultimately based on its GAAP taxable income and actual tax rates in effect, which may differ significantly from the rate assumed in our non-GAAP presentation.
  • Other companies, including other companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative measure.

Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between the Company's GAAP and non-GAAP financial results is provided in this press release and is available in the investor relations section of the Company's web site for a limited time at http://www.actuate.com/investor. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release and in the Company's SEC filings.

ACTUATE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
  March 31, December 31,
20132012
ASSETS
Current assets:
Cash, cash equivalents and short-term investments$68,160$66,450
Accounts receivable, net24,86733,053
Other current assets 9,901 9,098
Total current assets102,928108,601
Property and equipment, net7,5077,805
Goodwill and other intangibles, net62,08062,984
Other assets 13,437 13,125
$185,952$192,515
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$1,346$1,976
Restructuring liabilities488509
Accrued compensation5,6116,504
Other accrued liabilities5,1735,626
Deferred revenue 42,800 43,438
Total current liabilities 55,418 58,053
 
Long term liabilities:
Notes payable818843
Other deferred liabilities3,1043,157
Deferred revenue2,6252,978
Tax liabilities 2,401 2,127
Total long term liabilities 8,948 9,105
 
Stockholders' equity 121,586 125,357
$185,952$192,515

ACTUATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
   
Three Months Ended
March 31,
20132012
Revenues:
License fees$15,480$13,392
Services 19,438  21,444 
Total revenues 34,918  34,836 
 
Costs and expenses:
Cost of license fees573465
Cost of services4,9835,257
Sales and marketing13,77410,874
Research and development6,5605,805
General and administrative5,8805,847
Amortization of purchased intangibles263289
Restructuring charges 68  18 
Total costs and expenses 32,101  28,555 
Income from operations2,8176,281
Interest income and other income/(expense), net300(307)
Interest expense (60) (139)
Income before income taxes3,0575,835
Provision for income taxes 38  1,958 
Net income$3,019 $3,877 
Basic net income per share$0.06 $0.08 
Shares used in basic per share calculation 48,180  49,013 
Diluted net income per share$0.06 $0.07 
Shares used in diluted per share calculation 50,514  52,681 

ACTUATE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
  Three Months Ended
March 31,
Operating activities2013 2012
Net income$3,019$3,877
Adjustments to reconcile net income to net cash from operating activities:
Share-based compensation expense related to stock options and employee stock purchase plan1,7461,459
Excess tax benefits from exercise of stock options(710)(1,664)
Amortization of other purchased intangibles640562
Amortization of debt issuance cost2017
Depreciation542406
Change in valuation allowance on deferred tax assets(112)(81)
Impairment of assets-89
Gain on liquidation of investments(416)-
Accretion of discount (premium) on short-term debt securities(92)43
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:
Accounts receivable, net8,186(798)
Other current assets(124)(175)
Accounts payable(713)187
Accrued compensation(893)(1,304)
Other accrued liabilities(453)(1,470)
Deferred tax assets(155)55
Deferred tax liabilities391
Income tax receivable(716)(770)
Income tax payable9021,609
Other deferred liabilities(52)13
Restructuring liabilities(21)(42)
Deferred revenue (991) (324)
Net cash provided by operating activities 9,646  1,690 
 
Investing activities
Purchases of property and equipment(161)(2,049)
Proceeds from maturity of investments11,5938,072
Purchases of short-term investments(14,869)(8,052)
Proceeds from security deposits and other 11  (8)
Net cash used in investing activities (3,426) (2,037)
 
Financing activities
Debt issuance cost(12)(33)
Excess tax benefit from exercise of stock options7101,664
Proceeds from issuance of common stock2,1793,169
Stock repurchases(10,000)(5,000)
Tax withholdings related to net share settlements of restricted stock awards and units. (50) - 
Net cash used in financing activities(7,173)(200)
Effects of exchange rates on cash and cash equivalents (682) 793 
Net increase (decrease) in cash and cash equivalents(1,635)246
Cash and cash equivalents at the beginning of the period 37,483  38,759 
Cash and cash equivalents at the end of the period$35,848 $39,005 

ACTUATE CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
    
Three Months Ended

Revenue reconciliation:

March 31,(a)
20132012Notes
GAAP revenue$34,918$34,836
Non-GAAP adjustments:
Deferred revenue adjustments 25  - (g)
Total non-GAAP revenues$34,943 $34,836 
 
 
Three Months Ended
March 31,(a)

Operating expense reconciliation:

20132012Notes
 
GAAP operating expenses$32,101$28,555
Non-GAAP adjustments:
Amortization of purchased technology(377)(273)(b)
Amortization of other intangibles(263)(289)(c)
Stock-based compensation expense(1,746)(1,556)(d)
Restructuring charges(68)(18)(e)
Acquisition related costs(272)-(f)
Asset impairment -  (89)(h)
Total non-GAAP operating expenses$29,375 $26,330 
 
 
Three Months Ended

Operating income reconciliation:

March 31,(a)
20132012Notes
Total non-GAAP revenues$34,943$34,836
Total non-GAAP operating expenses (29,375) (26,330)
Total non-GAAP operating income$5,568 $8,506 
 
 
Three Months Ended

Net income reconciliation:

March 31,(a)
20132012Notes
GAAP income before income taxes$3,057$5,835
Non-GAAP adjustments:
Amortization of purchased technology377273(b)
Amortization of other intangibles263289(c)
Stock-based compensation expense1,7461,556(d)
Restructuring charges6818(e)
Acquisition related costs272-(f)
Deferred revenue adjustments25-(g)
Asset impairment-89(h)

Foreign currency exchange loss

 170  384 (i)
Non-GAAP income before income taxes5,9788,444
Non-GAAP tax provision 1,793  2,533 (j)
Non-GAAP net income 4,185  5,911 
Basic non-GAAP net income per share$0.09 $0.12 
Shares used in basic per share calculation 48,180  49,013 
Diluted non-GAAP net income per share$0.08 $0.11 
Shares used in diluted per share calculation 50,989  53,277 (k)
 
 
(a) This table contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Such measures are intended to serve as a supplement to the GAAP results presented elsewhere in this press release, and should not be considered in isolation or as a substitute for such GAAP results. See the section entitled Discussion of Non-GAAP Financial Measures in this press release for additional information regarding: the manner in which management uses these non-GAAP financial measures; the economic substance behind management's decision to use such measures; the material limitations associated with use of these non-GAAP financial measures as compared to the use of the most directly comparable GAAP financial measures; the manner in which management compensates for these limitations when using these non-GAAP financial measures; and the substantive reasons why management believes these non-GAAP financial measures provide useful information to investors.
 
(b) Amortization of purchased technology acquired in prior acquisitions . Purchased technology is amortized over the estimated life of the underlying asset.
 
(c) Amortization of other intangibles includes identifiable intangible assets including trade names, employment agreements and customer relationships acquired through various acquisition transactions. Other identified intangibles are amortized over the estimated remaining life of the underlying intangibles.
 
(d) Actuate accounts for stock-based compensation expense under the fair value method in accordance with the authoritative guidance issued by the Financial Accounting Standards Board ("FASB") related to the measurement and disclosure of stock-based compensation expense. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period. For the three months ended March 31, 2013, stock-based expense included approximately (in thousands): $88, $517, $119, and $1,022, related to cost of services revenues, sales and marketing expense, research and development expense and general and administrative expense, respectively.
 
(e) The restructuring expense for the first quarter of 2013 consists primarily of employee severance and related matters in Europe. The restructuring expense for the first quarter of 2012 consist primarily of idle facilities charge related to a Xenos facility in Europe.
 
(f) Costs associated with the acquisition of Quiterian.
 
(g) The deferred revenue adjustment relates to our prior year acquisition of Quiterian, which was concluded in October of 2012. In accordance with the fair value provisions of Accounting Standards Codification ("ASC") 805, Business Combination, acquired deferred revenues that were recorded on the opening balance sheet, which were lower than the historical carrying value. This purchase accounting requirement adversely impacts the Company's reported GAAP revenue primarily for the first twelve months post-acquisition. In order to provide investors with financial information that facilitates comparison of both historical and future results, the Company has provided non-GAAP financial measures which exclude the impact of the purchase accounting adjustment.
 
(h) Represents impairment of internally developed software.
 
(i) Foreign currency exchange gains and losses represent the net gain or loss that Actuate has recorded for the impact of currency exchange rate movements on monetary assets and liabilities denominated in foreign currencies related to the revaluation of these assets and liabilities.
 

(j) Income tax expense is adjusted by the amount of additional expense or benefit that we would accrue if we used non-GAAP results instead of GAAP results in the calculation of our tax liability, taking into consideration the company's long-term tax structure. The Company uses a normalized effective tax rate of 30% in 2013.

 
(k) Shares used in calculating diluted earnings per share have been adjusted to reflect what the share amounts would have been if they were calculated using non-GAAP results.

Cautionary Note Regarding Forward Looking Statements: The statements contained in this press release that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These include statements regarding Actuate’s expectations, beliefs, hopes, intentions or strategies regarding the future. All such forward-looking statements are based upon information available to Actuate as of the date hereof, and Actuate disclaims any obligation to update or revise any such forward-looking statements based on changes in expectations or the circumstances or conditions on which such expectations may be based. Actual results could differ materially from Actuate’s current expectations. Factors that could cause or contribute to such differences include, but are not limited to, the general spending environment for information technology products and services in general and Rich Internet Application, performance management, business intelligence and print stream software in particular, quarterly fluctuations in our revenues and other operating results, our ability to expand our international operations, our ability to successfully compete against current and future competitors, the impact of acquisitions on the Company’s financial and/or operating condition, the ability to increase revenues through our indirect distribution channels, general economic and geopolitical uncertainties and other risk factors that are discussed in Actuate’s Securities and Exchange Commission filings, specifically Actuate 2012 Annual Report on Form 10-K filed on March 8, 2013 as well as its quarterly reports on Form-10Q.



About Actuate (NASDAQ:BIRT) – The BIRT Company ™

Actuate provides software to more than 3.5 million BIRT developers and OEMs who build scalable, secure solutions that save time and improve brand experience by delivering personalized analytics and insights to over 200 million of their customers, partners and employees. Actuate founded and supports BIRT – the open source IDE – and develops BIRT iHub™ – the world-class deployment platform – to significantly improve productivity of developers working on customer facing applications. Actuate's BIRT Analytics™delivers self-service predictive analytics to enhance customer engagement using Big Data. The Actuate Customer Communications Suite™ empowers organizations to easily transform, process, personalize, archive and deliver high volume content and individualized correspondence. Actuate is headquartered in Silicon Valley with more than 5,000 enterprise customers in financial services, technology and government. Visit actuate.com and developer.actuate.com.

Copyright © 2014 Actuate Corporation. All rights reserved. Actuate, legodo, BIRT iHub, BIRT iHub F-Type, BIRT Analytics, Actuate Customer Communications Suite, The Actuate Document Accessibility Appliance, BIRT onDemand, BIRT Viewer Toolkit, and the Actuate logo are trademarks or registered trademarks of Actuate Corporation and/or its affiliates in the U.S. and certain other countries. The use of the word "partner" or "partnership" does not imply a legal partnership relationship between Actuate and any other company. All other brands, names or trademarks mentioned may be trademarks of their respective owners.

Contacts:

Kate Lynch, Corporate Communications, Actuate
klynch@actuate.com +1.650.678.8658 (mobile)
Jacob Moelter, Market Street Partners
ir@actuate.com +1.415.571.4956 (mobile)