Vancouver's Intrinsyc Software International has for the second time in three months announced that it has signed a significant contract with an unnamed company.
Intrinsyc, which makes software for a range of mobile devices, announced March 21 that it has signed a "material agreement" worth 10% or more of its projected revenue during the next 12 months.
The firm made a similar announcement December 22. (See "Intrinsyc signs deal with unnamed semiconductor company" – BIV Business Today; December 22).
The latest agreement, Intrinsyc said, is a renewal of an annual agreement with a Fortune 500 company and is effective through March 31, 2013.
Once a technology darling, Intrinsyc has struggled in recent years.
Earlier this month, it announced that it generated $10.3 million in revenue for the year ended December 31.
That's down 19% from the $12.7 million in revenue that it generated in 2010 and 41% down from the $17.5 million that it generated in 2009.
Back in 2002, Business in Vancouver ranked Intrinsyc first in the list of fastest growing companies in B.C., as the company had increased its revenue 15,747% between 1997 and 2001.
"We are pleased with the signing of an agreement to extend our relationship with this industry leading customer," said Intrinsyc CEO Tracy Rees.
"This project helps reinforce our leadership position in the development of Android mobile devices."
