GlobalWise Investments, a leading-edge technology company focused on the design, implementation, and management of cloud-based Enterprise Content Management systems, announced today its financial results for the fiscal year ended December 31, 2012.
The company’s total revenues for the 12 months ended December 31, 2012 were up 58% from the prior year, totaling $2,734,950. GlobalWise attributed the majority of the gains to new accounts established through the company’s expanded sales channel partner network, as well as renewal of existing customer maintenance agreements and additional consulting projects.
Overall gross margin were 64% and 52% for the twelve months ended December 31, 2012 and 2011, respectively, an increase of 12%. The increase in gross margin was primarily due to an increase in revenue. Gross profits were up 95% year over year, totaling $1,753,431.
Operating expenses totaled $3,424,507 for the twelve-month period as compared to $2,166,432 in 2011, representing a 58% increase. This increase in operating expenses is primarily due to legal, consulting, and professional fees related to the Share Exchange consummated on February 12, 2012, the corresponding costs of operating and reporting as a public company, and the on-boarding of additional sales and marketing personnel.
Mr. William J. “BJ” Santiago, Chief Executive Officer of GlobalWise, stated, “During the past year, GlobalWise has undergone a dramatic transformation and established a foundation for strong growth in the years ahead. We are pleased with the progress we made during 2012, and we are already seeing the positive impact from our investment of time and resources to develop our sales channel distribution model. We added 11 new quality channel partners, bringing our total network of channel partners to 25, and increased our customer subscriber base to more than 300 from 51. We plan to announce a number of additional industry-leading companies as channel partners in 2013, which will expand our network both domestically and internationally, providing even greater reach for our Intellivue™ platform and significant expansion of our customer base.”
For additional information on GlobalWise, visit www.GlobalWiseInvestments.com
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