Christopher Forbes, president of Knovel, an online science and technical publishing service, reports strong results in 2002 and forecasts more of the same for the coming year.
Using a proprietary text conversion technology, Knovel provides online subscription access to a wide variety of highly technical scientific texts, reference manuals and databases to clients in academia, the medical profession and manufacturing industries. The firm offers digitized content from "most major STM publishers," said Forbes. Its subscribers include "20 Fortune 500 companies" and major university research institutions and most of the Ivy League.
Although Forbes declined to give specific revenue figures, he reported a "400% increase in subscription sales" and a steady increase in numbers of both content partners and institutional customers. Forbes said the company has "no shortage of cash" after receiving $3 million in venture funding in October that the company used principally to enlarge its sales force. To help drive sales, Knovel hired Glenn A. Pagan, formerly a v-p with Interactive Advertising Bureau, as v-p of sales. The Norwich, N.Y.—based company has also opened a sales and editorial office in Manhattan.