GlobalWise Investments, a provider of cloud-based Enterprise Content Management (ECM) solutions through wholly owned subsidiary Intellinetics, has reported its third-quarter financial results for the three months ended September 30, 2013.
Total revenues decreased 46 percent to $381,078, as compared to $711,737 for the comparable quarter of 2012. The company primarily attributes the year-over-year decreases to software licenses with and without professional services and consulting services.
Gross profits were $266,162, as compared to $484,205 for the third quarter last year, representing a decrease of 45 percent primarily as a result of the decrease in revenues.
“While our revenue growth has slowed down, public awareness of cloud-based computing, storage and retrieval is helping our marketing efforts to the smaller SMB clients. Our software as a service (SAAS) offering Intelli-Cloud™ is sold through our expanding base of channel partners that creates a low-cost sales delivery mechanism coupled with a high-margin software product. The recent conferences we attended, is helping us broaden our message to a larger group, as well as increase our number of channel partners,” Matthew Chretien, interim president and CEO of GlobalWise stated in the news release.
GlobalWise reported a net loss of $541,412 for the third quarter of 2013, compared to a net loss of $492,607 for the third quarter of 2012.
Chretien noted increasing strength in the company’s channel partnerships, but said that revenues in the future will continue to reflect the company’s sales transition.
“Our channel partnerships with companies like MWAi are gaining traction and I was honored to participate in the 2013 Innovation Fair in Japan with the rest of the Technology United members. I am enthusiastic regarding the expected increased performance and commitment from our channel partners, but still expect fluctuations in revenue as we evolve from historically premised-based software solutions sold over a long sales cycle to cloud-based solutions,” he says.
For additional information, visit www.GlobalWiseInvestments.com
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