Serenic continues to grapple with changes in Microsoft's pricing and approach to the product market as its Navigator not-for-profit accounting package is based in Dynamics AX. Also, the company has told customers its latest version of Navigator is hitting the market early this year and it believes some buyers are waiting for the new edition. During the quarter, international license sales improved while those in the United States slowed. Serenic expects to launch a cloud version of Navigator during the first half of 2013. That product will be sold both a stand-alone product and integrated with the current Navigator. It has also re-developed DonorVision as a stand-alone, cloud product based on Dynamics CRM and expects its release in the next three months. Meanwhile, Navigator will get features designed to appeal to larger enterprise customers. The earnings report said the company continues to examine its options for maximizing shareholder value which “might entail a capital structure change, new strategic ventures, and/or merger and acquisition scenarios."