That product helped boost the company's enterprise segment to $14.5 million in revenue, up 83.4 percent over a year ago. Although enterprise is the fastest-growing market, it is still far smaller than the SME and practice [accountant] segments. CEO Tim Reed pledged to continue investing in cloud products. "We are investing 13 to 16 percent of our revenue to drive innovation in the cloud," he said in a prepared statement. One of the most interesting expense items broken out was the about $3.1 million in reseller commissions, a 15.5-percent increase over the first half of 2014. Although operating earnings were, down, the big factor in the increasing loss was about $80 million in financing costs on a variety of notes, I assume related to Bain Capital's purchase of MYOB a few years ago. However, the company was to repay about $209.5 million in redeemable loan notes within three days of its May 7 IPO. I assume that expense will drop.
CLOUD SUBS DRIVE MYOB REVENUE Featured
In its first report since going public again, Australian software company MYOB saw 65-percent growth in cloud subscriptions over the last year. MYOB made the statement in reporting results for its first half ended June 30. The company lost $46.2 million, a rise of 112.9 percent from the red ink for last year's corresponding period. Revenue for the most recently ended period was $114.3 million, an increase of 14.2 percent from a year earlier. MYOB pointed to important product introductions that included MYOB Advanced—which is Acumatica.
