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Quorum (TSXV:QIS), software company principally focused on dealerships and the automotive industry announced record revenues for the second quarter, with gross revenues rising 130 percent year-over-year to C$8.2 million. The company more than doubled its customer base to 1,007 customers while software-as-a-service revenue accounted for 66 percent of its growth. As quoted in the press …
Quorum (TSXV:QIS), software company principally focused on dealerships and the automotive industry announced record revenues for the second quarter, with gross revenues rising 130 percent year-over-year to C$8.2 million. The company more than doubled its customer base to 1,007 customers while software-as-a-service revenue accounted for 66 percent of its growth.
As quoted in the press release:
In Q2 2019, we collectively posted both a record total revenue amount and a record Software as a Service (“SaaS”) revenue amount from 1,007 customers, compared to 456 customers in Q2 2018. SaaS revenue in the quarter was $5.44 million, or 66% of total revenue, and Business Development Centre (“BDC”) revenue was $1.98 million, or 24% of total revenue. Quorum’s annual run rate based on June 2019 is now $22.3 million for its SaaS revenue and $8.5 million for its BDC revenue, and 90% of Quorum’s revenues are under long-term or evergreen contracts. Quorum also posted record Earnings before Interest Taxes, Depreciation, and Amortization (EBITDA) of $1,353K during Q2 2019, an increase of $791K over Q2 2018 EBITDA of $562K.
Looking more specifically to our divisions, our XSellerator division had a 9% increase in SaaS revenue over Q2 2018 based on growth in its customer base and growth in average recurring revenue per unit (“ARRPU”). The XSellerator team worked on two new products for release in Q3 2019, which should continue to help drive ARRPU growth.