Kevin Rankin

Fidus Systems saw 2007 revenues grow by 14 per cent year-over-year and the company remained profitable, as global demand continued to grow for its product development services.

The Ottawa-based company, which is privately held and does not disclose profitability figures, said its full-year revenues grew to $6.7 million from $5.9 million. The company has seen sales growth since its inception in 2001.

"Last year, Fidus gained an increasing number of customers from multiple industries seeking the competitive advantages and benefits associated with an outsourced staffing or turnkey product development model," said Fidus president Kevin Rankin in a statement. "We're growing, we're profitable and we're diversifying. And, last year's strong performance has given us good momentum and a concrete platform to achieve our strategic goals for 2008."

The company said U.S. revenues increased by 22 per cent from 2006 numbers and represented 28 per cent of total sales, while revenues from Canadian customers increased by 12 per cent year-over-year.

New bookings reached record levels with an increase of 40 per cent over 2006, and Fidus added 25 new customers in target geographies such as California, the eastern United States, Toronto and Ottawa.