Hubwoo announces Q1 2012 Revenues
-- Revenues: EUR 8.7M, with recurring SaaS(1) component flat year over year and one-time services down slightly
PARIS, May 2, 2012 /PRNewswire/ -- Hubwoo (Euronext: HBW.NX), a leading global provider of Cloud Procurement solutions powered by SAP® software, today announced financial information for Q1 2012, in accordance with the "European Transparency Obligations Directive" financial disclosure requirements.
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Greg Mark, Hubwoo CEO commented: "We are not only pleased by the confidence Uni.H.A. has placed in us by signing a 10 year contract with us to provide their 54 hospitals network with eProcurement solutions powered by SAP software, but are also pleased that the market has once again supported our Q1 capital increase. We plan to use this recent raise for the growth phase of our company, specifically to accelerate our revenue streams around The Business Network. We remain cautious about growth in 2012; however we feel that our Business Network assets and our direct go-to-market activities combined with our SAP partnership are poised to drive success going forward."
1. Revenues:
| in EUR million |
Q1 2011 |
Q1 2012 |
Change(2) |
|||||
| Consolidated Revenue |
9.0 |
8.7 |
-2% |
|||||
| SaaS(1) |
6.9 |
6.9 |
1% |
|||||
| Services |
2.1 |
1.8 |
-13% |
|||||
| (Q1 2012 Figures Unaudited) |
||||||||
| (1)SaaS is a model of delivering technology where a software solution is hosted (cloud computing) as a service for its customers. Clients do not buy the technology but pay a subscription fee to use it. |
||||||||
Q1 2012 revenues are overall stable compared to Q1 2011 (-2%).
SaaS, the recurring component of revenue, was EUR 6.9M and represented 79% of the total revenue for the quarter. Compared to Q1 2011, the Buyer component of SaaS was up 4%, showing that negative effects from customer contracts re-negotiations that influenced revenue levels throughout 2011 are fading.
The Services component of revenue was lower than Q1 2011 (-13%), essentially due to improvements in implementation methodologies enabling lower costs and faster time to benefit when deploying our solutions.
2. Major Q1 2012 events
New Buyer Contracts
In February Hubwoo announced the signature of a ten year contract involving 54 university hospitals of France. At the end of a public tender managed by Uni.H.A., Hubwoo was chosen from among 4 competitors as the most complete, most flexible and best solution fit for this group of hospitals. The contract covers the full source-to-pay Hubwoo Procurement suite delivered via the Cloud. Incremental revenue from this contract will be reflected starting Q1 2013.
Citgo and Cemex joined The Business Network along with Consol Energy adding the Match & Approve module. CHU, RBC and Sigma Aldrich each began upgrades to the next generation of eBuy.
Capital Increase
In February Hubwoo announced the launch of a capital increase. The subscription process for the capital increase took place between the 27th of February and the 16th of March 2012 and resulted in a total demand of approximately EUR 6.3M which corresponds to a subscription rate of 138%. This over subscription allowed the increase to be extended to the maximum allowed EUR 5.3M.
The purpose of the capital increase was to invest in business growth in the following areas:
- Extend the Hubwoo solution suite, with specific focus on derivative revenue offerings within the company's business-to-business collaboration platform. The Business Network.
- Accelerate top line revenue growth with further investment in sales, Marketing, and the company's SAP alliance.
The listing of these 26,255,778 new shares, issued at 20 cents each, took place on March 30th 2012. They were added to the existing company shares under the same ISIN code as the existing shares, which are listed under the ISIN code (FR0004052561). After the new listing, Hubwoo's capital is made up of 128,995,782 shares.
About Hubwoo (www.hubwoo.com)
Hubwoo is the world's leading provider of on-demand procurement solutions for the SAP community. The Company manages a Business Network with over 200,000 active suppliers and over 150 major international corporations as buyer customers of which 50+ are in the Global 1000. Significant customers include Honeywell, Shell, Evonik, EDF, Nokia, Monsanto, Michelin, Henkel, Statoil, The Hershey Company, CONSOL Energy, EcoPetrol, Carl Zeiss, Burton's Foods, and The Dow Chemical Company.
Hubwoo has major operations in France, multiple U.S. centers, Germany, the U.K., Philippines, Belgium, and Eastern Europe.
Listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP
SOURCE Hubwoo
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