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In tandem with a banner year in revenues, Vortiv announced close to a threefold rise in net profitability.
Vortiv (ASX:VOR), formerly known as Transaction Solutions International, is a cybersecurity and cloud company. Over the quarter, it reported a 162 percent uptick in revenues to AU$5.6 million while net profits footed over AU$2 million, up from AU$70,000 compared to the previous year.
As quoted in the press release:
Cash balances as at 30 September 2019 totalled $1,572,959. Net assets were $19,100,047, which primarily consisted of the investment in TSI India valued at $9,780,000 and Goodwill for DWX and Cloudten was $10,944,862.
During the period, the Company partially completed its $2 million share placement to Bombora Investment Management ($0.8 million) and Regal Funds Management ($1.2 million). The placement was fully completed in early October 2019.