Moving up rapidly
By Andrew Blazier Staff Writer
Pasadena Star-News
*Monday, October 11, 2004* – PASADENA — *Tenrox* Inc. is moving fast.
And it’s just picking up speed.
With average revenue growth of more than 40 percent in each of the
last nine years, the Pasadena-based firm is quickly finding its place
among the region’s high-tech rising stars.
Last month, the software company was named to *Deloitte & Touche*
LLP’s Technology Fast 50 list, ranking 16th among Los Angeles’
fastest-growing tech companies. Deloitte, a Big Four accounting firm,
presents the yearly honor to L.A.-area companies that generate at
least $1 million in annual revenues and have been in operation for
more than five years.
Tenrox’s revenues have grown 423 percent since 1999, but the company
is moving on the ground, as well. Founded in Montreal in 1995, the
Tenrox moved its headquarters to Pasadena in November to be closer
to a growing number of West Coast customers.
“We didn’t have a West Coast presence at all, so we had few customers
here,’ said President and Chief Executive Rudolf Melik, who runs Tenrox
with his brother, Ludwig Melik, the firm’s vice president of sales.
Tenrox maintains a staff of 100 in Montreal. In order for the company
to continue its torrid growth, it had to be located near the bulk of
its clients, who generally are located in the United States.
“We needed to have our key executives in the U.S.,’ echoed Ludwig
Melik.
Nine years ago, the Armenian brothers emigrated to Canada from
their home country, Iran. When they co-founded Tenrox with two other
partners, they served as a pure consulting firm.
In 1999, the company changed directions, devloping products that
help medium-size companies manage their accounting systems with a
centralized electronic format. The Meliks say the business has received
a sharp increase in demand from firms complying with the Sarbanes-Oxley
Act of 2002. Clients typically have between 100 and 200 workers.
That sweeping legislation was designed to reform management structures
and restore the public’s faith in corporate governance. But it has
created a wave of companies offering solutions to the problems caused
by increased regulation.
For the Meliks, the government’s demands have translated into surging
revenues. They say the software offers clients a broad range of
solutions to problems that include compliance with federal and state
labor laws, tracking project progress and speeding up reporting times.
The suite also aims to increase employees’ access to data such as
vacation time, individual schedules and benefit plans.
“Our product is mission-critical,’ Rudolf Melik said. “We don’t want
to miss a beat.’
Andrew Blazier can be reached at (626) 962-8811, Ext. 2477, or by
e-mail at [email protected] <mailto:[email protected]> .