31 January 2011 | Angeline Albert
reported a £9.6 million rise in revenue for the first quarter of 2011 compared
to the same period 12 months ago.
The figure hit £56.9million ($90.4 million), £9.6
million more than the first quarter of the company’s 2010 financial year which
ran from October-December 2009.
The spend management firm said its subscription
software revenue was also up £5.7 million to £31.6 million ($50.2 million) for
the same period.
SM reported in November that Ariba bought rival Quadrem for $150 million. Ariba said it planned to use Quadrem’s
supplier network to increase its market share. Quadrem has 60,000 suppliers and
a large customer base.
Calderoni, chairman and CEO of Ariba, said: “We made a number of strategic
moves, including the acquisition of Quadrem, which will allow us to expand the
depth and breadth of our network-based offerings and further accelerate our
provider Basware is also performing well and plans to make more
the release of its quarter four 2010 results, Basware disclosed record annual
net sales for the year, which grew by 11.3 per cent from 2009 to £88.5 million.
The company’s operating profit grew by 14.1 per cent to £11.6 million.
Basware’s fastest growing sector in the fourth quarter was connectivity
services and Software as a Service (SaaS) operations, which grew by 63.2 per
cent, when compared to the same period in 2009.
The company announced a change in strategy for the next four-year period, with
a strong focus on international growth. It said it will look to make strategic
acquisitions to strengthen its e-invoicing service worldwide. It added that a
reorganisation will enable additional investments in sales, marketing, buyer
and supplier activation services.
Basware CEO Ilkka Sihvo said:
“Our company is quickly changing from an international software company to an
international service company. During 2010 we closed several large
international connectivity services deals which are proof of our strong
competitiveness and provide solid basis for future growth. Geographically all
segments grew and profitability improved most in Europe segment by 50.2 per
cent and in the Scandinavia segment by 30.5 per cent.”