PROTEUS Wins 2006 SmartCEO/Grant Thornton Resilience Award

First Company in the Washington D.C. Area
“Fast 50” to Receive the New Award

February 16, 2007, Annapolis Junction, MD – For 2006, in addition to recognizing the 50 fastest growing companies in the Greater Washington area, SmartCEO Magazine, in conjunction with Grant Thornton, created a new award to acknowledge the company with the greatest story of resilience, aptly named the Resilience Award.  PROTEUS Technologies was pleased to be the first recipient of this award as a company that has restructured and persevered through many challenges to see a growth rate of over 3700% from 2001 to 2005.

PROTEUS Technologies derives its name from the mythic early sea-god Proteus, fabled to have been able to change his shape at will, to transform.  From this feature of Proteus comes the adjective protean, which has positive connotations of flexibility, versatility and adaptability.

First established in 1999 by three software engineers, PROTEUS’ dual mission was to become a premier World-Wide-Web "wireless-ready" content and solutions provider for portable hand-held devices to vertical markets, and a provider of cutting-edge software development consulting services to the Government Intelligence Community (IC).  The company landed one commercial contract valued at $120,000 in 2000.  Follow-on business was difficult to acquire; though there was initial interest in the company’s wireless solutions package targeting real-estate markets, the company did not have enough name recognition and marketing power to make the sale.   Additionally, in the Government IC market, the firm grip of the large prime contractors was difficult to loosen. With risks bearing down heavily, the company nearly folded.

In 2001, a restructuring provided the right impetuous for PROTEUS to forge ahead with the dream of building a premier software solutions company.  Teresa Taylor came onboard as the new President and CEO, partnering with the lead founder, Dr. Charles (Chuck) Taylor.  With over 15 years of Government Intelligence Community (IC) experience, the Taylors focused PROTEUS to specialize in developing innovative java-based software systems, solving the most perplexing and nationally significant problems inherent in the collection, analysis, production, and dissemination of signals intelligence. 

While successfully launching and building a business is never a guarantee, the Taylors drove through many obstacles to achieve corporate stability and success.   Financially, all seed capital was derived from the Taylors’ personal finances.  Personally, the Taylors sacrificed much of their personal time, working full-time as software engineers, and working to grow PROTEUS’ business base, while caring for their new and growing family.  In 2002, the company suffered a devastating blow as a Government client was forced to shut off funds for efforts supported by roughly 70% of the company’s workforce, thereby seriously impacting the company’s financial future.  The Taylors worked feverishly to place the engineers on new work and were able to do so within a month’s time.  Even though the Company was still very young, the dedication and trust of its staff, its exceptional technical reputation in the client environment, strong leadership and performance on its contracts, and excellent client relationships provided the pathway for this recovery and allowed the Company to realize $1M of revenue over the next year.   Since that time, PROTEUS has stayed true to its 2001 mission statement by honoring its commitment to hire the best and brightest engineers, partnering with proven prime contractors who are able to provide mentorship, consistently exceeding client expectations, and building solid client relationships.  Individually and collectively, these strategies promote future opportunity and growth and have contributed to PROTEUS’ steady revenue ascent from $1.2M to $12M between 2002 and 2006.

About SmartCEO
SmartCEO Magazine is a regional “growing company” publication.  We are not news; we are a resource full of smart ideas to help educate, motivate and inspire decision-makers. SmartCEO is read by more than 34,000 business owners in Baltimore and Washington. Each issue contains features, interviews, case studies, columns and other departments designed to help this region’s CEOs face the daily challenges of running a business.

About Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the leading global accounting, tax and business advisory organizations. Through member firms in 112 countries, including 49 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe.

About PROTEUS Technologies
PROTEUS Technologies, headquartered in Annapolis Junction, MD, is a premier provider of leading-edge professional software and systems engineering solutions for the Intelligence Community, Government Health Services, and Commercial Industries. PROTEUS’ core services & solutions encompass Software Development Solutions, Database Solutions, Knowledge & Language Solutions and Network & Systems Engineering Solutions.

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