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Synchronica revenue up 118% in first 9 mths

By BFN News | 12:02 PM | Monday 22 November, 2010


Mobile device management company Synchronica said revenues in the first nine months increased to $5.75m from $2.64m in the same period last year. The company closed 11 new deals, including a pan-African operator group with 15 subsidiaries, during the period to September. Recurring revenue from monthly user licenses plus support and maintenance showed accelerating growth rates of 45% between Q1 and Q2 and 81% between Q2 and Q3. Acquisition of competitor Iseemedia and Colibria's IMPS business had improved Synchronica's competitive position with an enhanced product portfolio and expanded customer base. Gross profits increased to $5.44m from $2.27m. Loss at the EBITDA level narrowed by 25% to $3.23m from $4.31m. The company said it had a significantly stronger balance sheet at September 30 with total assets of $34.30m, up from $14.97m, and net assets of $25.92m, previously $9.49m. Story provided by StockMarketWire.com

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