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Compugen announces strong 2008 financial results

Company saw growth in many solution areas, president and CEO says

Compugen, a Toronto-based privately owned IT solution and service provider, finished off its fiscal 2008 year with its highest revenue earnings ever.

For the year ending December 31, 2008, the company recorded $348 million in sales, a 19 per cent increase over 2007. These annual increases continue the company’s pattern of growth, which saw a 13 per cent increase over 2006 too.

Harry Zarek, president and CEO of Compugen, said the company’s software business grew over 50 per cent last year and its services business grew 32 per cent. Zarek also said Compugen’s storage business increased by 44 per cent, while its networking business grew to over 50 per cent.

“The acquisition of a significant number of new customers in the past year has … been an engine of growth,” he said. “Our growth has been financed through profitability and we carry no long-term debt. We’ve done a good job planning to be viable for the long-term through highs and lows of the business cycle.”