changeover However, the merger with the company SQRiBE (also based in the Bay area) in 1999 did not work out well. Although the combined company did reach a record high of revenues in the year 2000 of $150 million (annualized), financial problems were looming. After reporting a net loss for first quarter of 2001, Yorgen Edholm resigned as CEO. Katherine Glassey was forced out of the company a few months later. Brio hired Craig D. Brennan, a former SVP of Global CRM at Oracle, as its new CEO January 1, 2001. After his first 90 days at Brio, he realized that the company was in worse shape than described by the board. Not only was the Tech Bubble bursting, the economy in a recession, but the merger between Brio and SQRiBE was in name only. There was no vision, strategy, or plan to integrate the two companies. There were either no formal business processes or there were multiple overlapping teams, processes, and so on. Brennan brought in a new executive team in his first six months and together they came up with a new vision for the company focused on Brio 8, their first integrated Business Intelligence Suite, with a complete redesign from mainframe and client-server to a web-based "zero footprint" architecture. The company survived the terrible business environment of 2001. The company was required to do two major layoffs in 2001 to reduce its operational losses and to conserve cash. By the end of 2001, the company had achieved cash flow break-even. Beginning in 2002, the company focused on installing business processes across all functions, dedicated most of its development resources to Brio 8, and managed new maintenance requirements for its most important customers. By the end of the year, the company launched Brio 8 to enthusiastic customers, partners, and press. The company was growing revenue again and had achieved a small profit. Acquisition by Hyperion In 2003, the executive team, working with the board, determined that the Business Intelligence market was going to consolidate and it made sense for the company to consider being acquired. The company focused on both growing its revenue and profitability while also seeking an acquirer. The best fit was Hyperion and over the course of several quarters, Brio Software was acquired and integrated into Hyperion's operations. A quarter after Hyperion acquired Brio Software, their new integrated capabilities gave them new sales opportunities, and