RealTime IT News

ON Tech Wins 2 Deals, Eyes Breakeven

ON Technology , a Waltham, Mass., provider of business software to run remote computer networks, has signed two large deals that should help it reach its goal to break even in the fourth quarter.

The contracts come from a global pharmaceutical company and a large Canadian bank. Neither the size of the pacts nor the customers' names was revealed. The wins come three weeks after ON Technology added Home Depot as a customer.

"We announced during our third quarter conference call that we anticipated bringing fourth quarter operating results to breakeven," said Robert L. Doretti, ON Tech's chairman, president and CEO. The fourth quarter revenue associated with these contracts and others makes us more confident that we will meet or modestly exceed this target."

Additionally, as a result of its previously announced $5 million private equity investment with the New York-based Special Situations Funds, ON Technology announced that it meets Nasdaq's net tangible asset requirement.

Shares of ONTC rose 0.3892, or 13 percent, to 3.4092 at midday. In the last 52 weeks, the issue has ranged from 0.375 to 3.89.