Itransition – one of the largest software development companies with development centers in Central and Eastern Europe has been once again named to annual Software 500 ranking in 2008.

“The Software 500 is the shortlist of business partners for CIOs, senior IT managers and IT staff research,” says John P. Desmond, editor of Software Magazine and Softwaremag.com. “It is a reference of vendors one can trust, providing valuable content.”

According to the 2008 Software 500 survey, Itransition has improved its overall rating, climbing 20 positions up in the list. The company has been ranked among top ten companies with revenues under $10 million and top ten in revenue growth: Itransition’s annual revenue grew 131% last year.

“The fact that Itransition is one again featured in the list of the largest global software and services providers proves the company’s rapid business growth,” commented Sergey Gvardeitsev, CEO of Itransition Software. “Itransition has made substantial progress this year, and the recognition by Software 500 prestigious ranking is definitely confined to financial growth indicators, but not only to them. Having become partners with such companies as Microsoft and SAP, we have significantly extended the scope of our business application services. Huge work has been done to introduce our services to the Russian market”.

The Software 500 is an annual revenue-based ranking open to any software company in the world willing to disclose its revenues. The annual prestigious ranking involves largest software and service providers in the world targeting medium to big businesses, their IT professionals, software developers and business managers involved in software and services purchasing.