28th May 2014 08:49
LONDON (Alliance News) - SQS Software Quality Systems AG said Wednesday that it is currently trading in line with markets expectations and had successfully integrated Thinksoft Global Services Ltd.
In a statement ahead of its annual general meeting, the company said that it was continuing to win market share and experience solid growth across the majority of its territories in 2014.
SQS acquired Thinksoft in December, and it has now been fully integrated. The consolidation will lead to an additional benefit of around EUR600,000, and had been completed earlier than expected, although SQS said this benefit would be offset by one-off integration costs.
As a result of the acquisition, the company has increased its presence in Australia, Singapore and the Middle East, and has more than doubled the size of its US sales force. It recently won a specialist banking client in the US, as well as securing its first Australian client.
SQS said that it had expanded its share of business from long term managed services engagements to 44% of its total revenues, up from 41% in 2013, giving it confidence of reaching its goal of 45% for 2014.
Shares in SQS were trading up 0.9% at 540.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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