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Confirmit Q2 Revenue Up 80%
MR software provider Confirmit has increased revenue in the second quarter by 80% to $11.0m, and operating profit 154% to $1.2m.
The firm cites continued strong organic growth as well as consolidated revenue effect from the acquisition of Pulse Train.
Revenue from new clients reached record levels in the first half year, while revenue from existing clients increased in line with expectations. In the second quarter, Confirmit signed its 'largest first-year contract ever' with an independent software vendor, and a three year contract worth $2.1m with a top MR provider.
In the second quarter, version 12.5 of the firm's flagship product was launched, and the company is currently progressing towards the release of Confirmit 14, planned for the end of the year. In addition, the firm recently launched Confirmit Data Central, an enhanced tool which streamlines data processing functions.
Commenting on the results, CEO Henning Hansen stated: 'Once again we are pleased to announce an extremely successful quarter highlighted by strong revenue growth and improved earnings. Both our EMEA and North America business performed very well and we have made significant progress in product development during the last quarter. The highly positive feedback we've received from our clients furthers our confidence about our ability to become the leader in our global market.'
Earlier this month, US investment firm Sebastian Holdings announced a mandatory offer for the remaining outstanding shares in Confirmit at NOK 22.50 per share; resulting in the firm now holding 77.0% of Confirmit's 20,922,774 shares. Sebastian Holdings is owned by Norwegian entrepreneur Alexander Vik, who holds a seat on Confirmit's Board.
Confirmit has more than 200 employees based in headquarters in Oslo, and offices in Guildford, London, Moscow, New York, San Francisco, and Yaroslavl. It became a public company in December 2005, and is listed on the Oslo Stock Exchange.
Web site: www.confirmit.com .
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