Hubwoo reports record revenue

11 April 2011

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.

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