While software provider Xata managed to boost its revenue by 20 percent in the first quarter of fiscal 2010 with its acquisition of Turnpike Global Technologies, the company widened its net loss to $1.6 million
from a loss of $672,000 in the year-ago quarter.
The company reported revenue for the quarter of $17.5 million, compared to $14.6 million for the same period in fiscal 2009. Xata said it took on eight new customers in the first quarter of fiscal 2010. The company's software revenue accounted for 59 percent of total revenue, compared to 55 percent for the same period in fiscal 2009.
"We are very pleased with our first quarter revenue growth in what continues to be a very difficult economic environment," said Jay Coughlan, chairman and president of Xata. "The ROI our customers achieve through the use of our software continues to drive year-over-year software revenue growth. We are also excited to see the impact the acquisition of Turnpike Global Technologies and the launch of our next-generation Fleet Performance Management applications will have on our overall revenue and software growth in the future."
In December, Xata announced it acquired Ontario-based Turnpike Global Technologies in a $20 million deal. The acquisition was possible through $30 million in funding Xata received from Technology Crossover Ventures (TCV) and Trident Capital.
"The acquisition of Turnpike Global Technologies and the $30.2 million financing we completed in December was a transformational event for the company," said Mark Ties, chief financial officer of Xata. "Through the combined transaction we improved our ability to grow revenue by adding additional products and expanding the markets we serve. In addition, we were able to pay-off all of our outstanding bank financing while improving our cash and working capital."
from a loss of $672,000 in the year-ago quarter.
The company reported revenue for the quarter of $17.5 million, compared to $14.6 million for the same period in fiscal 2009. Xata said it took on eight new customers in the first quarter of fiscal 2010. The company's software revenue accounted for 59 percent of total revenue, compared to 55 percent for the same period in fiscal 2009.
"We are very pleased with our first quarter revenue growth in what continues to be a very difficult economic environment," said Jay Coughlan, chairman and president of Xata. "The ROI our customers achieve through the use of our software continues to drive year-over-year software revenue growth. We are also excited to see the impact the acquisition of Turnpike Global Technologies and the launch of our next-generation Fleet Performance Management applications will have on our overall revenue and software growth in the future."
In December, Xata announced it acquired Ontario-based Turnpike Global Technologies in a $20 million deal. The acquisition was possible through $30 million in funding Xata received from Technology Crossover Ventures (TCV) and Trident Capital.
"The acquisition of Turnpike Global Technologies and the $30.2 million financing we completed in December was a transformational event for the company," said Mark Ties, chief financial officer of Xata. "Through the combined transaction we improved our ability to grow revenue by adding additional products and expanding the markets we serve. In addition, we were able to pay-off all of our outstanding bank financing while improving our cash and working capital."
media brand
0 Comments
See all comments