Intacct operations are primarily U.S. for this year as the company only recent entered Australia and the United Kingdom. CEO Stephen Hare, who completed his first year in his job, noted that changes which led to improved results included strengthening the management team. “I have added significant technology and SAAS experience to my team most of whom were promoted from within,” he said during this week’s earnings webcast. U.S revenue minus Intacct was roughly $549 million, an increase of 4 percent over the year-ago results. Overall, North American revenue rose 9 percent to approximately $828 million, up 7 percent on an underlying basis. Underlying results exclude non-recurring and non-operating items. Overall, Sage lost about $343 million, a 10 percent decline in the loss from fiscal 2018. The underlying loss for fiscal 2019 was roughly $399 million, 13 percent better than for the prior year. Company revenue was approximately $2.5 billion, an increase of 15 percent; 7 percent on an underlying basis. Hare spent a lot of time emphasizing employees and noted that “We have made a lot of progress in building a more positive, inclusive structure.” On the sales side, the focus was on recurring growth, largely subscription and cloud business. On the sales side, the focus was on recurring growth, largely subscription and cloud business. Hare said the reached roughly $1.26 billion in subscriptions.Last modified on Friday, 22 November 2019
SAGE INTACCT REVS UP 28 PERCENT Featured
Sage Intacct revenue led growth for the Sage Group for the year ended September 30. The cloud-based operation had approximately $154 million in revenue in the United States for the most recently ended year, an increase of 28 percent over fiscal 2018.