Mtech Press Releases

FOR IMMEDIATE RELEASE
June 17, 2003

Incubator Company of the Year Award Marks $3 Million, Pivotal Year for DataStream

COLLEGE PARK, Md.—DataStream Conversion Services LLC is on a roll. The company was recognized as the Maryland Incubator Company of the Year in the Technology Services category on Wednesday, but that's just the beginning.

DataStream, a company in the University of Maryland's technology business incubator, the Technology Advancement Program (TAP), is on pace to net $3 million in revenue this year, driven in part by new contracts with GuideStar and National Geographic. The company is also positioned to capture a top position in the data conversion market for online information providers, providing services to industry giants such as LexisNexis, the Bureau of National Affairs, and the U.S. Congress.

"This is an exciting time for us," said Mark Anstey, president of DataStream. "We're fortunate that many major players in our market are choosing us for their mission critical projects—but by no means do we plan on slowing down."

The recent momentum is built around the company's unique approach to data conversion and enhancement—providing accurate, fast and cost effective transformation of any volume of data from essentially any format into any other.

Congressional Quarterly was the first to take advantage of the company's services, employing DataStream to convert the entire Federal Register into a web-enabled, easily searchable format each day in less than an hour. Today, DataStream also processes the Congressional Record, U.S. House and Senate Committee Reports and Bills, and the Congressional Research Service's Bill Digest. DataStream's highly automated system completes these tasks within minutes, making the data available on the Internet before most people arrive at their desks in the morning.

DataStream recently inked a multi-year deal to build data for GuideStar, the national online database for information on every philanthropic organization in the U.S. The company's LexisNexis contracts involve developing and maintaining a variety of legal and international business data products. DataStream also built the U.S. Government a data bank of the entire body of legislation from the last two Congresses, along with a system for adding new legislation.

DataStream has completed projects across the complete spectrum of data types in the finance, business, legal, publishing, entertainment, insurance and defense sectors.

"The reason we can handle such a huge variety of data is our systematic, modular approach," said Anstey. "While most of our competitors develop a specific conversion routine for every job, we use modules. Nearly 80 percent of them are reusable, so we simply fine tune them to each task."

The company's techniques for data validation also differ from the traditional approach. "With the huge volume of data we process, you can't have a human look at every line," said Anstey. "Our validation routines automatically check every aspect of the content, formatting and mark-up."

Errors are common in the data his company receives, according to Anstey. "We've found errors in laws and regulations, incorrect citations in legal opinions, and a variety of other human and machine-induced data anomalies," he explained. "If it's not 100 percent correct, we'll find it."

DataStream has grown from 14 employees to 24 in the past year. The company's earnings have more than doubled during the same period.

Wednesday's Maryland Incubator Company of the Year Award in the Technology Services category validates DataStream's rise as a company, according to Anstey. "It's an honor to be selected by Maryland's business leaders for this award," he said. "We're grateful for the recognition and for the tremendous support provided by Maryland's state and local economic development programs."

The Maryland Incubator Companies of the Year Awards recognize the achievements of current and graduate companies within Maryland's business incubators. Sponsored by The Maryland Technology Development Corp. (TEDCO), American Express Tax and Business Services and Saul Ewing LLP, awards are chosen in a number of categories by a committee of regional industry leaders and early-stage investors.

Awards are based on the goals of the company and the company's success in achieving its objectives. Examples of other factors considered include development of a particular technology or product, increase in number of employees, engagement of a significant customer, growth in revenue or earnings, and successful technology transfers.

TAP is a program of the A. James Clark School of Engineering's Maryland Technology Enterprise Institute (MTECH). The program has spawned successful Maryland companies such as Martek Biosciences, Digene Corporation, and Powerize.com.

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