EasyVista Results for Fiscal Year 2013 Show Strong Growth, Investment and Cashflow
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Final audited results for FY13 show a strong performance across EasyVista’s global operations. Strategic investment in core markets back by increased cashflow generation from SaaS.
EasyVista Inc. (www.easyvista.com), a global leader in IT Service and Asset Management solutions, has published its audited annual accounts for fiscal year (January – December) 2013.
EasyVista increased its revenue by 23% globally and in the core North American Market revenues nearly doubled with a net 93% result compared to fiscal 2012. Significantly over the year the Group’s SaaS subscription backlog increased by 33%, mostly driven by new business. ‘This performance reflects the Company’s strong business momentum, our investment in a cloud infrastructure that customers have confidence in and EasyVista’s strategic commitment to developing and delivering innovative products for the service user interface of the 21st century,’ commented Andrew White, EVP and General Manager of EasyVista.
North America Achieves Strong Business Growth EasyVista continues to invest in its core North American market to take advantage of the opportunity which currently exists in the Enterprise segment, where established legacy vendors are failing to provide agile solutions for New IT. The decision to raise operating costs has led to strong growth, up 93%, in revenue terms, and the SaaS backlog has increased by 112%. The performance of the direct sales team has ensured a heightened level of recurring income to positively offset the investment strategy over the next fiscal year. ‘New business was particularly strong in the last quarter of 2013 and overall became a significant contribution to the Group’s performance. Our success comes from our understanding of what IT organizations need in order to transform and the experience businesses, end-users and customers want and expect, which is making EasyVista a compelling choice. Our high ranking in Gartner’s recent 2014 Critical Capabilities assessment for Service Catalog validated this proposition.’ Concluded White.
Increased Profitability in Europe and Strong Cashflow Generation With the Company’s SaaS proposition delivering, EasyVista gained market share and strong growth in Europe in spite of local economic conditions. The success of its Cloud ITSM and ITAM solutions and high recurring revenues have enabled the Group to manage its operating costs by facilitating an adjustment to its structure. Consequently EasyVista posted a profitable operating result in Europe, even allowing for the additional costs required to start the German subsidiary.
FY2014 Outlook Overall the Group’s financial performance saw its cashflow from all operations double, compared to fiscal 2012. The Net cash position of the Group has increased further in real terms, when allowing for the investments made across the globe. The SaaS backlog is growing on a run-rate of just over 74% of annual revenues and this will allow EasyVista to continue its growth at a brisk pace in 2014. The Group will continue to control its expenses and invest in key new markets, at a rate comparable to 2013. The Group expects improved operational efficiencies, driven by the profitable SaaS model and well as a continued acceleration in large enterprise sales