clock menu more-arrow no yes

Filed under:

TenFold grows swiftly in 3 years
Firm's work force jumps from 29 to 400

Gary D. Kennedy, TenFold president and chief executive officer, earned an MBA from Northwestern University's Kellogg Graduate School of Management and then began his high-tech career as a marketing manager at Intel Corp., assuming responsibility for his division's two largest accounts, IBM and AT&T.

He joined Oracle in 1982 and was president from 1990-93 of PRC Inc., a wholly owned subsidiary of Black & Decker.Former Oracle executive Jeffrey L. Walker founded TenFold in 1993 in San Francisco and recruited Kennedy in 1996 to join the team of developers that had developed technology to automate the process of building large-scale software applications. Kennedy accepted the job as chief executive officer of TenFold on the condition he could relocate the company to Utah.

Less than three years later, Draper-based TenFold has grown from 29 to 400 employees in 13 offices in the United States and London.

TenFold's business model is formed in contrast to industry research it sites, showing that only 8 percent of software development projects costing $6 million to $10 million succeed -- delivered on time, on budget and according to original specifications.

TenFold promises to deliver complex, large-scale software applications in months, rather than years, and for a fixed price with a money-back guarantee.

TenFold retains intellectual property rights and then licenses its custom applications as packaged products.

Stock started trading in TenFold's initial public offering May 21, with the stock trading up 44 percent from the initial $17 pricing it received from lead underwriter Goldman Sachs the day before.

Perot Systems Corp., the Dallas company owned by multimillionaire and former presidential candidate Ross Perot, recently formed a strategic alliance with TenFold that will allow Perot to buy 1 million of those shares.