“With the move to SaaS, our industry-specific applications are more relevant in Tier One,” he said. Phillips said competitors have relied on systems integrators to develop microvertical functionality for the high-end market, a model he contends is becoming less viable. He described competitors’ responses as "mostly positioning than putting the functionality in the product.” Phillips said for the quarter there were 60 transactions of more than $1 million, an increase of 20 percent over the prior year. Infor also noted that 80 percent of bookings were for multi-tenanted implementations, “up from 70 percent in recent quarters.” For the most recently ended quarter, Infor reported a sharp decline in its loss which fell to $22.2 million, compared to a loss of $166.6 million in last year’s corresponding period, most of that improvement from the strengthening of the U.S. dollar   Revenue reached $789.8 million, an increase of 1.7 percent from $776.5 million a year ago. SaaS subscription produced $164.1 million in the quarter, an 18.1 percent rise from $138.1 million in last year’s corresponding period, a decrease of 2.4 percent from $75.2 million. Because of the continuing move of customers from desktop products to the cloud, the results “was a good outcome,” Phillips said and noted desktop revenue will continue to be volatile. Product update and support fees fell to $345.9 million, down 3.4 percent from $138.1 million.