Estimated reading time: 1 minute, 27 seconds

EXACT DROPS U.S. EXECS IN REORG

Mitch Alcon, ExactExact has parted ways with the top executives at the former Exact North America as worldwide operations have been reorganized into three units. Gone are president Mitch Alcon, who held the job from April 2008 to June 2012 and marketing VP Harry Merkin, who started in January 2008 and also left last month.

New CEO Erik van der Meijden announced during an earnings webcast this week the closing of the Boston office, the former North American headquarters, but did mention the execs or job cuts. Alcon and Merkin's LinkedIn pages reflect the change. The company also plans to sell its Orisoft business.  Replacing geographic and product organizations are Cloud Solutions and Business Solutions. Exact is also establishing Specialized Solutions to handle Longview, Lohn XL and U.S. manufacturing apps MGS, JobBOSS and MAX. Not surprisingly, financial results were not stellar for the half ended June 30. The company reported EBIDTA of about $28 million, up 7.6 percent from the first half of 2011, but flat on a like-for-like basis. First-half revenue of $132.6 million up 3.2 percent, but up operationally by .7 percent. And execs say that growth in maintenance balanced out a drop in license sales. The U.S. had a 1.4-percent revenue decrease  to about $28.5 million while Longview rose by 25.7 percent. JobBoss had an 11-percent increase. The greatest success came from sales of Exact Online, which is currently sold only in the Benelux companies. However, the company plans to take the cloud product into more countries. New CEO Onno Krap reported that its five best partners increased the number of new customers, but most of the rest did not. One sign of the company methods was shown by Krap who said Exact last year distributed more cash than it had net income, resulting in a decline in equity.

 


 

Read 2727 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.