11 April 2011 | Angeline Albert
Cloud procurement provider Hubwoo saw its
2010 revenue rise by €3 million (£2.6 million) up to €37.6 million (£33.2
million) on the year before.
The French company, which has global operations, signed 28
new IT contracts with buyers last year. It now has 150 customers having seen
numbers rise by 25 per cent.
It said its success has been chiefly thanks to a growth in
its ‘Software as a Service’ (SaaS) business - an IT delivery model where
software is hosted for customers who don’t buy the technology but pay a
subscription to use it. Hubwoo’s offerings are based on SAP software. The
number of suppliers providing services hosted by the company hit 130,000 by the
end of 2010, up 85 per cent on 2009.
Hubwoo said its continued efforts to
reallocate resources to areas that can deliver stronger growth and
profitability, resulted in the financial results.
Chairman and CEO Greg Mark, said: “2010 was a year in which
we maintained cost control, grew our SaaS and services revenue, and made major
strides in our SAP customer
focused go-to-market strategy. We are now prepared for even greater growth in
2011 as our partnership with SAP has strengthened.”
The company added in a statement, however, that it remained
cautious on quarter one 2011 revenue expectations “as a consequence of the
combination of seasonality in supplier revenues and delays in new projects
signatures and their implementations”.
Customers include Honeywell, Shell, EDF, Nokia, Michelin, The
Hershey Company and The Dow Chemical Company.