With fiscal 2010 (ended March) revenues of about $1.9 billion, Houston-based BMC Software Inc.'s ratings reflect the company's satisfactory business profile and modest leverage, offset by a concentrated earnings base, a very competitive marketplace, and the presence of larger and more diversified competitors. BMC is a leading provider of systems management software solutions on mainframe and distributed platforms. Predictable recurring revenues from contractual maintenance agreements, a highly defensible market position, and entrenched customer relationships largely support the company's stable revenue base. About half of BMC's revenue is generated offshore. In fiscal 2010 (ended March), BMC's operating segments contributed to its 2% revenue growth. While the company's distributed systems segment accounted for about 60% of total revenues, the mainframe segment continued...
Companies mentioned in this report are: BMC Software Inc.
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