Symphony Services Acquires CoreObjects

PALO ALTO, CA and BANGALORE, INDIA -- (MARKET WIRE) -- Sep 08, 2010 -- Symphony Service Corp., the leader in global software product engineering services, today announced that it has acquired CoreObjects Software, Inc., a Los Angeles-based new product development services provider that specializes in bringing commercially deployable products to market. With CoreObjects' engineering delivery centers in Bangalore and Pune, India and its team of highly skilled full-time product engineers and deep vertical market expertise, Symphony Services will expand its offerings in the product development and embedded product development space.

The acquisition also provides Symphony Services with access to additional re-usable components and frameworks for product development, including CoreObjects' Smart Objects™ suite of software assets designed to speed clients' products to market and create long-term, high-margin recurring revenue. The Smart Objects suite includes Smart Machines™, a web-based solution for real-time asset performance management, enabling continuous monitoring and management of industrial equipment; and smart vitals™, an early response system to improve patient safety and optimize occupancy in hospitals.

CoreObjects specializes in helping emerging and established technology companies achieve go-to-market, budget and specification goals for cutting-edge technology products. With 55 active client contracts in the US, Europe and India, CoreObjects serves clients who are building new products or revamping existing ones. The company's vertical market expertise includes automotive; industrial automation; semiconductor manufacturing; media and entertainment; health and wellness; financial services; mobile applications; life sciences; and medical devices, networking and clean tech and energy.

The acquisition provides Symphony Services with unparalleled intellectual property that will help it advance client market share within the fast-growing health care sector. A specific example of the IP Symphony Services has gained includes SmartVitals, a product for providing in-patient monitoring and warning systems to Hospital setups.

Both Symphony Services and CoreObjects share a deep commitment to product quality, results-driven R&D and transparency throughout the product development process. Complementing Symphony Services' focus on Engineering Outcome Certainty, CoreObjects applies Co-Sourcing, a rigorous collaborative sourcing philosophy, methodology and toolset to client projects where evolving design and product requirements demand an extremely integrated and agile approach across distributed teams.

"CoreObjects has served as our primary product development partner for the last 3 years and the team's deep industry knowledge and technology expertise have combined to truly revolutionize our R&D function," said Jeetendra Jangle, VP Engineering, Wellcore. "Now, with its acquisition by Symphony Services, we are looking forward to have access to broader range of specialties and help Wellcore scale."

The deal also adds an impressive list of clients to the Symphony Services client portfolio, as well as the opportunity to expand client relationships in high growth market sectors such as financial services, life sciences and clean tech.

"Our commitment to Engineering Outcome Certainty means that we are always looking for opportunities to bring the best resources, expertise and innovative service offerings to our clients," said Sanjay Dhawan, President & CEO, Symphony Services. "With CoreObjects, we continue to strengthen our core offerings in product development and embedded product development with the addition of high-performance engineering development centers, skilled engineering talent and deep vertical market expertise. CoreObjects' world-class capabilities integrated with Symphony Services' strengths will enable us to offer a comprehensive portfolio of services to our clients worldwide."

About Symphony Services

Symphony Services is a leading global specialist providing software product engineering outsourcing services. Our focus on Engineering Outcome Certainty™ drives R&D results that shorten time-to-market for new products and delivers greater innovation to compete in a global marketplace. Independent software vendors (ISVs), software enabled businesses and companies whose products contain embedded software partner with Symphony Services to achieve their business goals.

We are further distinguished by our risk-reward partnership model and emphasis on transparent, metrics-driven value delivery that ensures complete alignment between strategic and R&D objectives. Symphony Services is now delivering over 1,200 new software releases annually. As a "pure-play" specialist, product development is built into our DNA. Our team, comprised of the most technically advanced engineers in the world, achieves superior results on time and on budget. Symphony Services is headquartered in Palo Alto, Calif., with facilities in North America, India, Europe and China. For more information, please visit www.symphonysv.com.

About CoreObjects Software Corporation

CoreObjects is a software and embedded product development service provider specializing in bringing commercially deployable products to market. CoreObjects partners with both emerging and established technology companies to help them achieve their budget and specification goals for cutting-edge technology products. The products deployed are used by hundreds of thousands of clients world-wide.

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