iBASEt Reports Record Software Revenue Growth, Profitability for Full Fiscal Year 2021

- Launch of Cloud-based managed services drive new customer additions

- 32 percent increase in year-over-year software revenue

- 19 percent increase in gross margin

- 2X increase in operating cashflow

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Jun 03, 2021, 10:30 ET

FOOTHILL RANCH, Calif., June 3, 2021 /PRNewswire/ -- iBASEt, the company that simplifies how complex products are built and maintained, today announced the completion of a successful fiscal 2021, as validated by strong software revenue and gross margin gains. Business growth was driven by new customer additions and a quick pivot to a remote business model, in response to the COVID-19 disruption. The company's focus on the growing demand to simplify the digital transformation of manufacturing, quality, and sustainment operations played a significant role in the success achieved over the past 12 months.

"I am very proud of the solid execution by our team in achieving strong growth during what has been an incredibly difficult and challenging time for our customers, the industry, and our employees," said Naveen Poonian, CEO at iBASEt. "Our strong financial performance and the strategy we have set in place is taking hold for continued investment and accelerated growth."

Product Innovation
As a culmination of four years of R&D investment, iBASEt launched Solumina iSeries – the industry's first microservices-based, cloud-native Manufacturing Execution System (MES). In addition, Solumina MSE was launched as a cloud-based subscription offering for midsized enterprises. Solumina MSE can be deployed faster without customization to help overcome the resource and cost constraints typical of this market segment.

To better support and accelerate time-to-value and customer success, iBASEt University was launched as an on-demand and remote training program. A Center of Excellence customer and partner support program was established to scale innovation while supporting a larger customer and partner community. Customers and partners can now more readily stay current with the pace of innovation of the iSeries.

Customer Wins
As a result of its investment in product innovation, iBASEt was recognized by Gartner as a Visionary in the 2021 Magic Quadrant for Manufacturing Execution Systems (MES). This acknowledgment coincided with successful customer additions, including several Aerospace and Defense manufacturers based out of Europe and the Nordic regions. AST & Science will leverage iBASEt's MES (Manufacturing Execution System) as a managed service (SaaS) to ramp up its satellite production. Seven significant "go-lives" occurred, including Lockheed Martin Skunk Works® where iBASEt's MES was implemented without customization in just eight months and is now being deployed across other Lockheed Martin sites.

Partner Engagement
Several new partner agreements were established and reinforced during the past fiscal year as part of the company's strategy shift that places more focus and attention on this important distribution channel. Combitech recently became a new partner, helping the company to expand its presence in the Nordic region. Existing relationships with ATS, DXC, HCL, and IBM have been further strengthened with the growing interest by complex discrete manufacturing companies to invest in digital transformation initiatives.

Resources:
View a complimentary copy of the 2021 Gartner Magic Quadrant for Manufacturing Execution Systems at https://info.ibaset.com/ibaset-named-visionary-in-2021-gartner-magic-quadrant-for-mes.

About iBASEt
iBASEt is a software company that simplifies how complex products are built and maintained. Founded in Southern California in 1986, iBASEt solutions ensure digital continuity across manufacturing, quality, and maintenance, repair, and overhaul (MRO) operations on a global scale. The iSeries, powered by Solumina, is a cloud-native platform that establishes a digital ecosystem to drive innovation and improve operational performance. iBASEt customers include Lockheed Martin, Northrop Grumman, Rolls Royce, Pratt & Whitney, and Textron. Learn more at iBASEt.com.

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SOURCE iBASEt