Tuesday, May 22. 2007

Intergraph: Creating a “Hard Fusion between Security and Geospatial Technology"

Halsey Wise, CEO of Intergraph, opened the company’s user conference, Intergraph 2007, with a discussion of the convergence of political and economic trends that he believes support the company’s transformation culminating in the company being taken private. Since he arrived four years ago, Wise has refocused Intergraph on only those key markets in which he believed Intergraph could invest and compete as either the number one or two player, and exit those in which they could not compete. In GIS, an acronym not mentioned anywhere in Wise’s opening address, Intergraph continues to transform its product development and marketing message to address challenges in the infrastructure management, security and response arena. By creating the Security, Government and Infrastructure division (SGI), Intergraph wants to capitalize on the non-diminishing trend for greater security and the ability to mitigate the situations associated with natural and terrorist disasters. “Security is a durable trend,” said Wise. Wise feels that SGI will serve customers by fusing location aware technology to security markets.

Wise addressed the reasons for going private and dismissed the notion that its new investors will “cut and run.” Wise felt the move was in the best interest of the stockholders and employees where there would be better access to capital. He implored the audience to “give it a chance” and “listen to the facts” while illustrating that the company’s first quarter results (numbers they are no longer required to disclose) are higher than in 2006. Gross margins were up to 52.8% in 2006, and Q1 2007 results show a backlog of orders of $314 million compared to $264 million in Q1 2006 with revenue up 16%. Wise also noted that the company is entering its “AFTER-NEXT” phase, the final segment of the company’s transformation that will be highlighted by the ability to exercise greater financial freedom to make acquisitions. “Stay tuned,” said Wise.

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