Exact ended the year with new management, a new organization and a different approach to business. It exited countries, hired new management and dumped its American execs. It still has a way to come back. For example, the roughly $25 million in net income was 26 percent higher than a year earlier but only because impairment charges taken during 2012 were substantially less than those in 2011. And while online revenue was up 47.2 percent, overall license income was down 16.3 percent. Company revenue of $288 million was down 2.1 percent after currency adjustments, up by .7 percent from 2011 before them. Exact said cloud revenue growth was driven by the introduction of manufacturing, wholesale and time & billing applications. Not surprisingly, action is in the cloud. In a prepared statement, CEO Erik van der Meijden noted, “We are on the verge of rolling out our cloud-based solutions internationally, and we have a very ambitious and strong new product roadmap for the years ahead..” The company has been investing in the on-premise Exact Business Solutions and said it would relaunch Exact Financials. It attributed the drop in Macola and Max revenue to the realignment.