IT modernisation is the solution

Gartner advises IT management teams to put modernisation on the agenda as research shows CIOs have to deal with change at a rate faster than they can cope with, says IT Pro.

Gartner predicts that, by the end of 2010, more than a third of application projects will arise as a result of the need to tackle outdated technology and skills.

Escalating IT modernisation planning and action up the strategic food chain - and quickly so - is regarded as the solution.

Edgewater Technology, a technology management consulting firm specialising in providing IT services, has released financial results for its fourth quarter and fiscal year ended 31 December 2007, reports Fox Business.

Edgewater reported service revenue for the fourth quarter and full year 2007 of $15.9 million and $63.2 million, respectively.

Earnings per diluted share for the fourth quarter amounted to $0.44, which contributed to the company's $0.66 full year earnings per diluted share.

ScienceLogic, a company selling IT service management products, enjoyed three straight years of triple-digit growth and doubled its customer base in major vertical markets in 2007, states Tech Journal South.

"We've been in business four years and the last three have been terrific," says CEO David Link.

IT management services and software is still a hot area of considerable interest to venture capitalists, and they have indeed shown interest in ScienceLogic, says Link.