Joseph Cowan, Epicor SoftwareWhile most companies are pointing to the growth in subscription model, Epicor Software turned in a strong performance in old-fashioned software revenue for the first quarter ended December 31. License revenue grew by 25 percent over a year earlier, the second straight quarter that license sales had increased by more than 25 percent, CEO Joseph Cowan said in this week's earnings conference call. He also pointed to the company's ability to increase sales of web-based products without cannibalizing the installed base.

"The vast majority of our on demand revenue is from net new customers," he said. The bottom line, however, didn't change much. Epicor lost $13.9 million in the most recently ended period, up from $13.6 million a year ago. Revenue rose to $245 million, up 7.2 percent from $228.5 million in last year's corresponding quarter. ERP had a solid performance, with $154.6 million in revenue, 10-percent higher than $140.2 million a year ago. Cowan apparently was reading from the "Book of Nelson" as he took swipes at unnamed competitors that pass off hosted systems as being true SaaS. [That's NetSuite CEO Zach Nelson]. He called Epicor the "only provider who can provided true multi-tenanted architecture, on-demand or on-premise" and a few other qualifiers that limit the purveyor of truth and just software to Epicor. Well, that's the way positioning the other guys is played. Cowan, whose pattern is staying at companies a couple of years before they are sold - sort of a cross between a caretaker and an undertaker - talked about growth and new opportunities But the CEO with the strong Texas accent apparently dislikes southern California and this week Epicor's headquarters was relocated from Dublin, Calif., to Austin, Texas.

Last modified on Thursday, 13 February 2014
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Bob Scott

Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.

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