By Muphen Whitney
DULLES, VA – Everest Software, of Dulles, Virginia, with its plans to be “all things to all businesses” is seeking to convert an estimated $7 billion market of small and medium-sized businesses (SMBs) to its Everest product.
Since its founding in 1994 as iCode, the Virginia-based company has developed business management solutions to increase the efficiency and profitability of SMBs throughout the world.
“The original company sold hardware,” says Jim McGowan, current President and CEO of Everest Software. “When the three founders – all Virginia Tech grads and all still owners of the Company – were looking for good management software to fulfill the vision they had of a truly integrated management system, they found they had to write their own.”
It turned out that there was a greater interest in the software product than in the hardware, so the Company concentrated on developing and expanding the management software. McGowan came on board in 2004 when he was invited to bring in leadership by the Venture Capitalists who had invested in the Company. The Company was still called iCode then; as part of a branding strategy its name was changed to Everest Software – after the name of its very successful product.
Everest Advanced provides a comprehensive method of automating all key operational areas of an SMB including accounting, Ecommerce, purchasing, payroll, CRM, and inventory control. Everest targets several vertical markets including retail, wholesale/distribution, and mail-order. The industry recognized the product’s merits in 2004 with the SIIA Codie Award for “Best Business Software Product”.
“We target companies with fewer than 100 employees and less than $50 million in revenue,” says McGowan. “We are finding great interest in the product in companies where inventory is a critical component. Lately there has been significant business done with companies who deal in computers, wines, consumer electronics, and auto parts.”
The latest Everest product – Everest Software Advanced 3.0, which was released in October 2005 – brought several new enhancements, especially in dealing with accounting and inventory management. Version 3.0 is quicker and easier to install than previous versions, provides improved chart of account templates and advanced financial reporting, and offers more flexibility in its bar code designer. This version also introduced two completely new features: Dashboard Analytics and a new Software Development Kit.
Dashboard Analytics is a feature that offers interactive graphical representations of key business operations to provide significant business intelligence. The Software Development Kit allows users to customize the software to meet their companies’ specific needs.
“We are in a continuing climb pattern with each release,” says President/CEO McGowan. “Each has been well designed and well received. We are the right product in the right space at the right price.”
“This is a real-time integrated solution designed by business people to help others. We bring a ‘big business’ solution to SMBs. We have the advanced features and the same look and feel as the big business products, and we offer SMBs all this functionality and the ability to scale it at the right price.”
SMBs have the option of acquiring Everest products through the Company’s “Everest-on-Demand” program. This option is a fully-managed, hosted subscription service geared toward users who need to minimize their upfront IT costs and overhead. Cost-of-entry is sharply reduced because the user does not have to invest heavily in hardware. Software investment also is significantly less costly because Everest deploys, manages, and maintains the software and does not require the user to buy software licenses.
The latest round of financing put $8 million in Everest’s coffers, and McGowan knows how it will be spent.
“We plan on expanding on our distribution and delivery strategies, put more money into R and D, and increase our branding strategy and awareness,” he said. “We will continue to improve our product and offer SMBs a way to have an unparalleled view of their business so they can plan and operate successfully and profitably.”
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