ETQ Accelerates Growth in Third Quarter as Manufacturers Embrace Quality Management to Improve Operations, Minimize Risk

Rhea-AI Summary

ETQ, part of Hexagon, experienced accelerated growth and momentum in Q3 2023. The company expanded its customer base, added new functionality to its ETQ Reliance® NXG quality management system, and formed strategic partnerships. ETQ also gained industry recognition and presented at key industry events.

Positive

• ETQ significantly expanded its customer base, attracting leading companies across various industries.
• The company launched new features and functionality for its ETQ Reliance® NXG system to enhance usability and performance.
• ETQ formed a strategic partnership with Trogen to extend its global reach and strengthen its position as a leading quality management platform.
• ETQ executives presented at industry forums, increasing the company's visibility and reach into new markets.
• ETQ received the Digital Transformation Award for its role in helping Trane Technologies improve product quality, collaboration with suppliers, and efficiency.

Negative

• None.

Expanded Global Customer Base, New Strategic Partnership and Enhanced Functionality of Reliance QMS Fuel Continued Momentum  

BURLINGTON, Mass., Oct. 30, 2023 /PRNewswire/ -- ETQ, part of Hexagon, today announced that it accelerated growth and momentum in the third quarter of 2023, driven by a significant expansion of its customer base; new functionality in its award-winning ETQ Reliance® NXG advanced cloud-native quality management system (QMS); and strategic partnerships. The company further raised its profile through industry award recognition and speaking engagements at key industry events.

"An increasing number of manufacturers across all industries are realizing that quality creates tangible and measurable business value, while minimizing much of today's corporate risk," said Vick Vaishnavi, CEO, ETQ. "We are delighted that these quality champions are embracing ETQ Reliance to automate and optimize their quality processes and empower their frontline workers with the data, tools and technology to make informed decisions, increase productivity and reduce the cost of poor quality."

New and Existing Customers Fuel Significant Growth
ETQ significantly expanded the number of organizations that rely on ETQ Reliance to automate their quality processes, improve operational efficiencies and significantly improve their quality outcomes. These new customers selected ETQ to solve key challenges in their quality environments, from reducing the cost of poor quality, gaining deeper visibility and control over supplier quality or enabling them to maintain optimal product and service quality and compliance at scale. This growth includes leading customers across automotive, construction, chemicals, medical devices, transportation logistics and consumer goods industries. Notable companies include LIXIL Group, Kuehne+Nagel, Elos MedTech, Aero Metals, Resin Solutions (a division of Total Petro), ECG, Ranger Design and Nautique Boat Company.

In addition, long-standing ETQ customers also have expanded their use of ETQ Reliance to benefit from new features and capabilities that give them greater visibility enterprise-wide, enable greater decision velocity and reduce the risk and costs associated with poor quality. A selection of these companies include Nucor Steel, Kay Automotive Graphics, Kalitta Air, Moog, Olympus Medical, Victoria Epicure, FUJIFIM Medical, Hitachi Energy, Aristocrat, Philly Shipyard and PurFoods.

New ETQ Reliance Features Strengthen Usability, Performance
To stay ahead of changing market needs, ETQ launched new features and functionality to ETQ Reliance. Designed with valuable input from its customers, the latest version of ETQ Reliance features an enhanced user interface that makes it easier for users to view and intuitively navigate the system, as well as new functionality to provide advanced messaging and guidance to users within the system. New features were also designed to strengthen the usability and performance for administrators and designers.

Strategic Partnerships Expand Reach
During the quarter, ETQ formed a new strategic partnership with Trogen, a digital transformation consultancy. The reseller partnership further extends ETQ's global reach and strengthens the role of ETQ Reliance as a leading platform for enterprise-wide quality management.

Engagement at Industry Forums Increase Visibility
ETQ executives presented at a variety of industry forums during the quarter, increasing the company's visibility and reach into new markets. Events included the Smart Manufacturing 2023 Conference where ETQ Vice President of Product Marketing David Isaacson presented on the future of quality management, and how best-in-class automotive manufacturers are embedding advanced quality throughout their operations to address this need. ETQ leaders also presented at the annual ASQ Quality Innovations Summit highlighting how quality drives product and enterprise innovation.

Industry Recognition Reinforces Leadership
In September, ETQ was named a Digital Transformation Award recipient, as part of the annual NextGen Solution Provider Awards hosted by Supply Chain Management Review. The award recognizes ETQ's role in helping Trane Technologies, a global climate innovator, leverage the ETQ Reliance quality management system to enable standard and consistent product quality, better collaboration with suppliers and stronger efficiency and visibility.

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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SOURCE ETQ

FAQ

What contributed to ETQ's growth in Q3 2023?

ETQ experienced growth due to an expanded customer base, new functionality in its ETQ Reliance® NXG system, and strategic partnerships.

Which industries did ETQ attract new customers from?

ETQ attracted new customers from industries such as automotive, construction, chemicals, medical devices, transportation logistics, and consumer goods.

What are some notable companies that became new ETQ customers?

Notable companies that became new ETQ customers include LIXIL Group, Kuehne+Nagel, Elos MedTech, Aero Metals, Resin Solutions (a division of Total Petro), ECG, Ranger Design, and Nautique Boat Company.

Which companies expanded their use of ETQ Reliance®?

Companies such as Nucor Steel, Kay Automotive Graphics, Kalitta Air, Moog, Olympus Medical, Victoria Epicure, FUJIFIM Medical, Hitachi Energy, Aristocrat, Philly Shipyard, and PurFoods expanded their use of ETQ Reliance®.

What new features were added to ETQ Reliance®?

ETQ Reliance® received an enhanced user interface, advanced messaging and guidance functionality, and improved usability and performance for administrators and designers.

Who did ETQ form a strategic partnership with?

ETQ formed a strategic partnership with Trogen, a digital transformation consultancy.

What industry events did ETQ executives present at?

ETQ executives presented at the Smart Manufacturing 2023 Conference and the ASQ Quality Innovations Summit.

What industry recognition did ETQ receive?

ETQ received the Digital Transformation Award as part of the NextGen Solution Provider Awards hosted by Supply Chain Management Review.