24th Nov 2015 11:11
LONDON (Alliance News) - Software Quality Systems AG said Tuesday that it has successfully integrated three acquisitions it made during the year, and that it is now "well placed" to meet its targeted USD100 million of annualised revenue in the US without any further acquisitions.
The company acquired Bitmedia, Trissential LLC and Galmont Consulting LLC in February, June and September respectively, and SQS said that the acquisitions of the latter two have "significantly enhanced" its revenue and delivery footprint in the US.
During the year the company won clients in the US including a healthcare and pharmaceutical company, a computer software re-seller, a larger financial services company, a contract with the energy division of a large industrial conglomerates and added offshore delivery to a US hospitality chain client.
In Europe, it worked with an electronics client working in the defence sector, and a lighting supplier to test its 'internet of things' products, as well as a contract with a retail bank operating in the Spanish speaking world.
Organic revenue growth and contributions from the three acquisitions have boosted revenue, particularly in the US, whilst central European revneue from the automotive and manufacturing sector remain stable and "in-line" with estimates, SQS said.
"We have continued to build on the momentum achieved in the first half of the current financial year and successfully addressed the margin pressures through targeted customer acquisition and continued cost control," said Chief Executive Officer Diederik Vos in a statement.
"All the acquisitions completed during the year have now been fully integrated into the company with cost synergies and customer retention rates all in-line with our expectations," Vos added.
Shares in SQS were up 2.9% at 589.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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