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PRODWARE WRITES DOWN $71.9M APPS Featured

France-based reseller Prodware lost approximately $71.9 million for the year ended December 31. That includes an about $68,2 million in a write-off of on-premise software assets, stemming from the decline in the sale of such products.

The Dynamics and Sage VAR had a 4-percent drop in revenue to approximately $187.6 million for 2021. Revenue was reported in February and the top line reported reflects currency rates at that time. Reporting revenue first and the earnings later is a normal practice for the company. Prodware also noted it had secured a seven-year unitranche facility of roughly $146 million to finance growth and business expansion “with as much flexibility as possible”. It noted the financing method means there is an extended maturing range, meaning there is no need for an amortization schedule for the next few years. Prodware says it plans to accelerate initiatives for developing SaaS sales and added-value services in consulting and managed services.

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