ETQ Accelerates Momentum in First Quarter of 2023, Expands Cloud-Native QMS Adoption Among Leading Global Brands

New CEO, Expanded Worldwide Customer Base Among Key Quarterly Milestones

BURLINGTON, Mass., April 18, 2023 /PRNewswire/ -- ETQ, part of Hexagon, today shared key highlights and milestones for the first quarter of 2023 that position the company for continued growth and global expansion. Highlights include the appointment of Vick Vaishnavi as new CEO, the acquisition of a host of new customers in key industries and geographies, continued expansion of ETQ Reliance Quality Management System (QMS) with current customers, as well as enhanced QMS functionality.

"In my first quarter at ETQ, it has been exceptionally rewarding to speak to customers who are navigating their quality journey with ETQ, whether they're investing in a quality management solution for the first time, adding new capabilities to their quality management system or migrating to the cloud," said Vick Vaishnavi, CEO, ETQ. "As we enter our next phase of growth and work to aggressively scale the company in partnership with Hexagon, we are laser focused on ensuring that our growing base of customers is deriving optimal business value from our QMS and EHS solutions and maximizing the role Reliance plays in helping them reduce the cost of poor quality, accelerate new product introductions, mitigate risk and deliver actionable data that allows them to make better manufacturing decisions faster."

New Leadership

In January 2023, ETQ announced the appointment of Vick Vaishnavi as CEO, succeeding former CEO Rob Gremley. With over three decades of deep experience building high-growth SaaS companies and leading global expansion, Vaishnavi is responsible for leading ETQ's strategic planning and execution during the company's rapid global expansion and product innovation. Vaishnavi also serves as the executive liaison with Hexagon's Manufacturing Intelligence division.

Expanding Customer Base

Growth of ETQ's customer base, including new global customers as well as the expansion of existing customer programs, represents another driver of its quarterly growth. During the quarter, ETQ welcomed new customers from industries such as life sciences, chemical and materials, packaging, food safety, professional services and aerospace and defense. A sample of a few new ETQ customers include Sealed Air, Solvay, EKF Diagnostics Holdings and Virgin Galactic. Additionally, a host of current quality-driven customers expanded their use of ETQ Reliance in their quality and safety programs. The first quarter saw several long-time customers expand their investments in ETQ Reliance including Sun Chemical, Entegris, Materion and Vishay Intertechnology.

Innovative New Reliance Features and Functionality

In the first quarter of 2023, ETQ launched enhancements to its award-winning ETQ Reliance quality management system (QMS), which features new out-of-the-box capabilities for Reliance NXG, the cloud-native version of Reliance, enabling administrators to adapt the platform and applications to a greater variety of languages and regions. ETQ also added system performance and security updates for Reliance CG to extend customer support on the company's legacy on-premise, privately hosted solution.

Industry Recognition

ETQ continued to receive recognition for its advanced ETQ Reliance QMS among key industry analyst firms and industry experts. Frost & Sullivan included the company in its Frost Radar^tm Quality Management Systems 2022 report, where it analyzed 50 companies and focused on the top 18. ETQ was one of six companies, identified by Frost and Sullivan as the "market powerhouses." According to Frost & Sullivan, "These companies have grown consistently and have enhanced their quality management offerings over the years. A rich heritage in the QMS space, dedicated product offerings with a strong focus mainly on QMS, consistent QMS product introductions and innovations, application of next-generation technologies and geographic expansion have all enabled these companies to become Growth and Innovation leaders."

About ETQ

ETQ, part of Hexagon, is the leading provider of quality, EHS and compliance management software, trusted by the world's strongest brands. More than 600 customers globally, spanning industries such as pharmaceuticals, electronics, heavy industry, food and beverage, and medical devices, benefit from ETQ to secure positive brand reputations, enable higher levels of customer loyalty and enhance profitability. ETQ Reliance offers built-in best practices and powerful flexibility to drive business excellence through quality. Only ETQ lets customers configure industry-proven quality processes to their unique needs and business vision. ETQ was founded in 1992 and has main offices in the U.S. and Europe. To learn more about ETQ and its various product offerings, visit www.etq.com.

Hexagon is a global leader in sensors, software and autonomous solutions. Learn more about Hexagon (Nasdaq Stockholm: HEXA B) at hexagon.com and follow us @HexagonAB.

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